Correlation Between CIRCA GROUP and OBBK08 PRO

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Can any of the company-specific risk be diversified away by investing in both CIRCA GROUP and OBBK08 PRO 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 CIRCA GROUP and OBBK08 PRO into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CIRCA GROUP AS and OBBK08 PRO, you can compare the effects of market volatilities on CIRCA GROUP and OBBK08 PRO 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 CIRCA GROUP with a short position of OBBK08 PRO. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIRCA GROUP and OBBK08 PRO.

Diversification Opportunities for CIRCA GROUP and OBBK08 PRO

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between CIRCA and OBBK08 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CIRCA GROUP AS and OBBK08 PRO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OBBK08 PRO and CIRCA GROUP 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 CIRCA GROUP AS are associated (or correlated) with OBBK08 PRO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OBBK08 PRO has no effect on the direction of CIRCA GROUP i.e., CIRCA GROUP and OBBK08 PRO go up and down completely randomly.

Pair Corralation between CIRCA GROUP and OBBK08 PRO

If you would invest (100.00)  in OBBK08 PRO on August 28, 2022 and sell it today you would earn a total of  100.00  from holding OBBK08 PRO or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

CIRCA GROUP AS  vs.  OBBK08 PRO

 Performance (%) 
       Timeline  
CIRCA GROUP AS 
CIRCA Performance
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Over the last 90 days CIRCA GROUP AS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain quite persistent which may send shares a bit higher in December 2022. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

CIRCA Price Channel

OBBK08 PRO 
OBBK08 Performance
0 of 100
Over the last 90 days OBBK08 PRO has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, OBBK08 PRO is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

CIRCA GROUP and OBBK08 PRO Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CIRCA GROUP and OBBK08 PRO

The main advantage of trading using opposite CIRCA GROUP and OBBK08 PRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIRCA GROUP position performs unexpectedly, OBBK08 PRO 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 OBBK08 PRO will offset losses from the drop in OBBK08 PRO's long position.
The idea behind CIRCA GROUP AS and OBBK08 PRO 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.
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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 Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.

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