Correlation Between Navistar International and Oshkosh
Can any of the company-specific risk be diversified away by investing in both Navistar International and Oshkosh 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 Navistar International and Oshkosh into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Navistar International and Oshkosh, you can compare the effects of market volatilities on Navistar International and Oshkosh 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 Navistar International with a short position of Oshkosh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Navistar International and Oshkosh.
Diversification Opportunities for Navistar International and Oshkosh
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Navistar and Oshkosh is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Navistar International and Oshkosh in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oshkosh and Navistar International 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 Navistar International are associated (or correlated) with Oshkosh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oshkosh has no effect on the direction of Navistar International i.e., Navistar International and Oshkosh go up and down completely randomly.
Pair Corralation between Navistar International and Oshkosh
If you would invest 12,022 in Oshkosh on January 25, 2024 and sell it today you would earn a total of 25.00 from holding Oshkosh or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Navistar International vs. Oshkosh
Performance |
| Timeline |
| Navistar International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oshkosh |
Navistar International and Oshkosh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Navistar International and Oshkosh
The main advantage of trading using opposite Navistar International and Oshkosh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Navistar International position performs unexpectedly, Oshkosh 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 Oshkosh will offset losses from the drop in Oshkosh's long position.| Navistar International vs. Willamette Valley Vineyards | Navistar International vs. Vita Coco | Navistar International vs. Duckhorn Portfolio | Navistar International vs. Molson Coors Brewing |
| Oshkosh vs. AGCO Corporation | Oshkosh vs. CNH Industrial NV | Oshkosh vs. Deere Company | Oshkosh vs. Lindsay |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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