Correlation Between Ball and O I
Can any of the company-specific risk be diversified away by investing in both Ball and O I at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Ball and O I into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ball Corporation and O I Glass, you can compare the effects of market volatilities on Ball and O I and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Ball with a short position of O I. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ball and O I.
Diversification Opportunities for Ball and O I
Pay attention - limited upside
The 3 months correlation between Ball and O I is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ball Corp. and O I Glass in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on O I Glass and Ball is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Ball Corporation are associated (or correlated) with O I. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of O I Glass has no effect on the direction of Ball i.e., Ball and O I go up and down completely randomly.
Pair Corralation between Ball and O I
If you would invest (100.00) in Ball Corporation on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Ball Corporation or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Ball Corp. vs. O I Glass
Performance |
Timeline |
Ball |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
O I Glass |
Ball and O I Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ball and O I
The main advantage of trading using opposite Ball and O I positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ball position performs unexpectedly, O I can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in O I will offset losses from the drop in O I's long position.Ball vs. Levi Strauss Co | Ball vs. Cedar Realty Trust | Ball vs. American Eagle Outfitters | Ball vs. Burlington Stores |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |