Correlation Between Odyssey Group and County Line

Can any of the company-specific risk be diversified away by investing in both Odyssey Group and County Line 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 Odyssey Group and County Line into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Odyssey Group International and County Line Energy, you can compare the effects of market volatilities on Odyssey Group and County Line 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 Odyssey Group with a short position of County Line. Check out your portfolio center. Please also check ongoing floating volatility patterns of Odyssey Group and County Line.

Diversification Opportunities for Odyssey Group and County Line

-0.28

Correlation Coefficient

Odyssey Group  County Line

Very good diversification

The 3 months correlation between Odyssey and County is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Odyssey Group International and County Line Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on County Line Energy and Odyssey 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 Odyssey Group International are associated (or correlated) with County Line. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of County Line Energy has no effect on the direction of Odyssey Group i.e., Odyssey Group and County Line go up and down completely randomly.

Pair Corralation between Odyssey Group and County Line

Given the investment horizon of 90 days Odyssey Group International is expected to generate 2.42 times more return on investment than County Line. However, Odyssey Group is 2.42 times more volatile than County Line Energy. It trades about 0.14 of its potential returns per unit of risk. County Line Energy is currently generating about -0.06 per unit of risk. If you would invest  1.00  in Odyssey Group International on May 6, 2025 and sell it today you would earn a total of  1.20  from holding Odyssey Group International or generate 120.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Odyssey Group International  vs.  County Line Energy

Odyssey Group Intern

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Odyssey Group International are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak basic indicators, Odyssey Group showed solid returns over the last few months and may actually be approaching a breakup point.

County Line Energy

Risk-Adjusted Performance

Very Weak

Over the last 90 days County Line Energy has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's essential indicators remain rather sound which may send shares a bit higher in September 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Pair Trading with Odyssey Group and County Line

The main advantage of trading using opposite Odyssey Group and County Line positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Odyssey Group position performs unexpectedly, County Line 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 County Line will offset losses from the drop in County Line's long position.

The idea behind Odyssey Group International and County Line Energy 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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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 Global Correlations module to find global opportunities by holding instruments from different markets.