Correlation Between ODYSSEY GOLD and Phoenix Group

Can any of the company-specific risk be diversified away by investing in both ODYSSEY GOLD and Phoenix Group 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 ODYSSEY GOLD and Phoenix Group into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between ODYSSEY GOLD LTD and Phoenix Group Holdings, you can compare the effects of market volatilities on ODYSSEY GOLD and Phoenix Group 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 ODYSSEY GOLD with a short position of Phoenix Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of ODYSSEY GOLD and Phoenix Group.

Diversification Opportunities for ODYSSEY GOLD and Phoenix Group

0.0

Correlation Coefficient

ODYSSEY GOLD  Phoenix Group

Pay attention - limited upside

The 3 months correlation between ODYSSEY and Phoenix is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ODYSSEY GOLD LTD and Phoenix Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phoenix Group Holdings and ODYSSEY GOLD 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 ODYSSEY GOLD LTD are associated (or correlated) with Phoenix Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phoenix Group Holdings has no effect on the direction of ODYSSEY GOLD i.e., ODYSSEY GOLD and Phoenix Group go up and down completely randomly.

Pair Corralation between ODYSSEY GOLD and Phoenix Group

If you would invest  0.90  in ODYSSEY GOLD LTD on April 24, 2025 and sell it today you would earn a total of  0.05  from holding ODYSSEY GOLD LTD or generate 5.56% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.59%
Values	Daily Returns

ODYSSEY GOLD LTD  vs.  Phoenix Group Holdings

ODYSSEY GOLD LTD

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in ODYSSEY GOLD LTD are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, ODYSSEY GOLD reported solid returns over the last few months and may actually be approaching a breakup point.

Phoenix Group Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Phoenix Group Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Phoenix Group is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with ODYSSEY GOLD and Phoenix Group

The main advantage of trading using opposite ODYSSEY GOLD and Phoenix Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ODYSSEY GOLD position performs unexpectedly, Phoenix Group 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 Phoenix Group will offset losses from the drop in Phoenix Group's long position.

The idea behind ODYSSEY GOLD LTD and Phoenix Group Holdings pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.