Correlation Between QUANTAFUEL ASA and OBBK08 PRO

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

Diversification Opportunities for QUANTAFUEL ASA and OBBK08 PRO

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between QUANTAFUEL and OBBK08 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding QUANTAFUEL ASA and OBBK08 PRO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OBBK08 PRO and QUANTAFUEL ASA 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 QUANTAFUEL ASA 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 QUANTAFUEL ASA i.e., QUANTAFUEL ASA and OBBK08 PRO go up and down completely randomly.

Pair Corralation between QUANTAFUEL ASA and OBBK08 PRO

If you would invest (100.00)  in OBBK08 PRO on September 1, 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

QUANTAFUEL ASA  vs.  OBBK08 PRO

 Performance (%) 
       Timeline  
QUANTAFUEL ASA 
QUANTAFUEL Performance
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Over the last 90 days QUANTAFUEL ASA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's essential 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.

QUANTAFUEL 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.

QUANTAFUEL ASA and OBBK08 PRO Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with QUANTAFUEL ASA and OBBK08 PRO

The main advantage of trading using opposite QUANTAFUEL ASA and OBBK08 PRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QUANTAFUEL ASA 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.
QUANTAFUEL ASA vs. PEXIP HOLDING ASA
The idea behind QUANTAFUEL ASA 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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