Correlation Between ODDITY Tech and Neptune Insurance
Can any of the company-specific risk be diversified away by investing in both ODDITY Tech and Neptune Insurance 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 Neptune Insurance 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 Neptune Insurance Holdings, you can compare the effects of market volatilities on ODDITY Tech and Neptune Insurance 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 Neptune Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of ODDITY Tech and Neptune Insurance.
Diversification Opportunities for ODDITY Tech and Neptune Insurance
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ODDITY and Neptune is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding ODDITY Tech Ltd and Neptune Insurance Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neptune Insurance 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 Neptune Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neptune Insurance has no effect on the direction of ODDITY Tech i.e., ODDITY Tech and Neptune Insurance go up and down completely randomly.
Pair Corralation between ODDITY Tech and Neptune Insurance
Considering the 90-day investment horizon ODDITY Tech Ltd is expected to under-perform the Neptune Insurance. But the stock apears to be less risky and, when comparing its historical volatility, ODDITY Tech Ltd is 1.29 times less risky than Neptune Insurance. The stock trades about -0.15 of its potential returns per unit of risk. The Neptune Insurance Holdings is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,480 in Neptune Insurance Holdings on September 6, 2025 and sell it today you would earn a total of 17.00 from holding Neptune Insurance Holdings or generate 0.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 71.88% |
| Values | Daily Returns |
ODDITY Tech Ltd vs. Neptune Insurance Holdings
Performance |
| Timeline |
| ODDITY Tech |
| Neptune Insurance |
ODDITY Tech and Neptune Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ODDITY Tech and Neptune Insurance
The main advantage of trading using opposite ODDITY Tech and Neptune Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ODDITY Tech position performs unexpectedly, Neptune Insurance 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 Neptune Insurance will offset losses from the drop in Neptune Insurance's long position.| ODDITY Tech vs. Uber Technologies | ODDITY Tech vs. Axcelis Technologies | ODDITY Tech vs. Pintec Technology Holdings | ODDITY Tech vs. Corsair Gaming |
| Neptune Insurance vs. Xtant Medical Holdings | Neptune Insurance vs. ScanSource | Neptune Insurance vs. High Performance Beverages | Neptune Insurance vs. Avanos Medical |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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