Correlation Between ODDITY Tech and Blackbaud
Can any of the company-specific risk be diversified away by investing in both ODDITY Tech and Blackbaud 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 ODDITY Tech and Blackbaud into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ODDITY Tech Ltd and Blackbaud, you can compare the effects of market volatilities on ODDITY Tech and Blackbaud 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 ODDITY Tech with a short position of Blackbaud. Check out your portfolio center. Please also check ongoing floating volatility patterns of ODDITY Tech and Blackbaud.
Diversification Opportunities for ODDITY Tech and Blackbaud
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ODDITY and Blackbaud is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding ODDITY Tech Ltd and Blackbaud in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackbaud and ODDITY Tech 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 ODDITY Tech Ltd are associated (or correlated) with Blackbaud. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackbaud has no effect on the direction of ODDITY Tech i.e., ODDITY Tech and Blackbaud go up and down completely randomly.
Pair Corralation between ODDITY Tech and Blackbaud
Considering the 90-day investment horizon ODDITY Tech Ltd is expected to under-perform the Blackbaud. In addition to that, ODDITY Tech is 1.49 times more volatile than Blackbaud. It trades about -0.24 of its total potential returns per unit of risk. Blackbaud is currently generating about -0.12 per unit of volatility. If you would invest 6,516 in Blackbaud on August 26, 2025 and sell it today you would lose (922.00) from holding Blackbaud or give up 14.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ODDITY Tech Ltd vs. Blackbaud
Performance |
| Timeline |
| ODDITY Tech |
| Blackbaud |
ODDITY Tech and Blackbaud Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ODDITY Tech and Blackbaud
The main advantage of trading using opposite ODDITY Tech and Blackbaud positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ODDITY Tech position performs unexpectedly, Blackbaud 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 Blackbaud will offset losses from the drop in Blackbaud's long position.| ODDITY Tech vs. CSG Systems International | ODDITY Tech vs. Alarm Holdings | ODDITY Tech vs. Payoneer Global | ODDITY Tech vs. Gen Digital |
| Blackbaud vs. Kingsoft Cloud Holdings | Blackbaud vs. Asana Inc | Blackbaud vs. Pattern Group Series | Blackbaud vs. Braze Inc |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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