Correlation Between O I and Ball
Can any of the company-specific risk be diversified away by investing in both O I and Ball 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 O I and Ball into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between O I Glass and Ball Corporation, you can compare the effects of market volatilities on O I and Ball 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 O I with a short position of Ball. Check out your portfolio center. Please also check ongoing floating volatility patterns of O I and Ball.
Diversification Opportunities for O I and Ball
Pay attention - limited upside
The 3 months correlation between O I and Ball is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding O-I Glass and Ball Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ball and O I 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 O I Glass are associated (or correlated) with Ball. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ball has no effect on the direction of O I i.e., O I and Ball go up and down completely randomly.
Pair Corralation between O I and Ball
If you would invest 1,310 in O I Glass on December 29, 2023 and sell it today you would earn a total of 349.00 from holding O I Glass or generate 26.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
O-I Glass vs. Ball Corp.
Performance |
Timeline |
O-I Glass |
Ball |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
O I and Ball Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with O I and Ball
The main advantage of trading using opposite O I and Ball positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if O I position performs unexpectedly, Ball 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 Ball will offset losses from the drop in Ball's long position.O I vs. International Paper | O I vs. Millennium Group International | O I vs. Eightco Holdings | O I vs. Avery Dennison Corp |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
Global Correlations Find global opportunities by holding instruments from different markets | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
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 | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories |