Correlation Between Onex Corp and S A P

Can any of the company-specific risk be diversified away by investing in both Onex Corp and S A P 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 Onex Corp and S A P into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Onex Corp and Saputo Inc, you can compare the effects of market volatilities on Onex Corp and S A P 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 Onex Corp with a short position of S A P. Check out your portfolio center. Please also check ongoing floating volatility patterns of Onex Corp and S A P.

Diversification Opportunities for Onex Corp and S A P

0.72

Correlation Coefficient

Onex Corp  S A P

Poor diversification

The 3 months correlation between Onex and SAP is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Onex Corp and Saputo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saputo Inc and Onex Corp 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 Onex Corp are associated (or correlated) with S A P. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saputo Inc has no effect on the direction of Onex Corp i.e., Onex Corp and S A P go up and down completely randomly.

Pair Corralation between Onex Corp and S A P

Assuming the 90 days trading horizon Onex Corp is expected to generate 2.42 times less return on investment than S A P. But when comparing it to its historical volatility, Onex Corp is 1.36 times less risky than S A P. It trades about 0.13 of its potential returns per unit of risk. Saputo Inc is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  2,732  in Saputo Inc on July 3, 2025 and sell it today you would earn a total of  648.00  from holding Saputo Inc or generate 23.72% return on investment over 90 days.

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

Onex Corp  vs.  Saputo Inc

Onex Corp

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Onex Corp are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of very unfluctuating basic indicators, Onex Corp may actually be approaching a critical reversion point that can send shares even higher in November 2025.

Saputo Inc

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Saputo Inc are ranked lower than 18 (%) of all global equities and portfolios over the last 90 days. In spite of very unfluctuating basic indicators, S A P displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Onex Corp and S A P

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

The idea behind Onex Corp and Saputo Inc 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.