Correlation Between Oppenheimer Intl and Glg Intl
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl and Glg Intl 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 Oppenheimer Intl and Glg Intl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Small and Glg Intl Small, you can compare the effects of market volatilities on Oppenheimer Intl and Glg Intl 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 Oppenheimer Intl with a short position of Glg Intl. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and Glg Intl.
Diversification Opportunities for Oppenheimer Intl and Glg Intl
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oppenheimer and Glg is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and Glg Intl Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glg Intl Small and Oppenheimer Intl 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 Oppenheimer Intl Small are associated (or correlated) with Glg Intl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glg Intl Small has no effect on the direction of Oppenheimer Intl i.e., Oppenheimer Intl and Glg Intl go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and Glg Intl
Assuming the 90 days horizon Oppenheimer Intl is expected to generate 1.13 times less return on investment than Glg Intl. But when comparing it to its historical volatility, Oppenheimer Intl Small is 1.15 times less risky than Glg Intl. It trades about 0.12 of its potential returns per unit of risk. Glg Intl Small is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 8,650 in Glg Intl Small on May 28, 2025 and sell it today you would earn a total of 521.00 from holding Glg Intl Small or generate 6.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. Glg Intl Small
Performance |
| Timeline |
| Oppenheimer Intl Small |
| Glg Intl Small |
Oppenheimer Intl and Glg Intl Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and Glg Intl
The main advantage of trading using opposite Oppenheimer Intl and Glg Intl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl position performs unexpectedly, Glg Intl 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 Glg Intl will offset losses from the drop in Glg Intl's long position.| Oppenheimer Intl vs. Aew Real Estate | Oppenheimer Intl vs. Sa Real Estate | Oppenheimer Intl vs. Cohen Steers Real | Oppenheimer Intl vs. Baron Real Estate |
| Glg Intl vs. Calvert Large Cap | Glg Intl vs. Dreyfus Large Cap | Glg Intl vs. Qs Large Cap | Glg Intl vs. Astonherndon Large Cap |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |