Correlation Between Oasmia Pharmaceutical and AptarGroup
Can any of the company-specific risk be diversified away by investing in both Oasmia Pharmaceutical and AptarGroup 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 Oasmia Pharmaceutical and AptarGroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oasmia Pharmaceutical AB and AptarGroup, you can compare the effects of market volatilities on Oasmia Pharmaceutical and AptarGroup 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 Oasmia Pharmaceutical with a short position of AptarGroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasmia Pharmaceutical and AptarGroup.
Diversification Opportunities for Oasmia Pharmaceutical and AptarGroup
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasmia and AptarGroup is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Oasmia Pharmaceutical AB and AptarGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AptarGroup and Oasmia Pharmaceutical 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 Oasmia Pharmaceutical AB are associated (or correlated) with AptarGroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AptarGroup has no effect on the direction of Oasmia Pharmaceutical i.e., Oasmia Pharmaceutical and AptarGroup go up and down completely randomly.
Pair Corralation between Oasmia Pharmaceutical and AptarGroup
If you would invest 15,016 in AptarGroup on June 27, 2024 and sell it today you would earn a total of 647.00 from holding AptarGroup or generate 4.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
Oasmia Pharmaceutical AB vs. AptarGroup
Performance |
Timeline |
Oasmia Pharmaceutical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AptarGroup |
Oasmia Pharmaceutical and AptarGroup Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Oasmia Pharmaceutical and AptarGroup
The main advantage of trading using opposite Oasmia Pharmaceutical and AptarGroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasmia Pharmaceutical position performs unexpectedly, AptarGroup 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 AptarGroup will offset losses from the drop in AptarGroup's long position.Oasmia Pharmaceutical vs. MYT Netherlands Parent | Oasmia Pharmaceutical vs. Coty Inc | Oasmia Pharmaceutical vs. Ispire Technology Common | Oasmia Pharmaceutical vs. Philip Morris International |
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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 the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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