Correlation Between Ultra Clean and OXE Marine
Can any of the company-specific risk be diversified away by investing in both Ultra Clean and OXE Marine 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 Ultra Clean and OXE Marine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ultra Clean Holdings and OXE Marine AB, you can compare the effects of market volatilities on Ultra Clean and OXE Marine 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 Ultra Clean with a short position of OXE Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ultra Clean and OXE Marine.
Diversification Opportunities for Ultra Clean and OXE Marine
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ultra and OXE is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Clean Holdings and OXE Marine AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OXE Marine AB and Ultra Clean 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 Ultra Clean Holdings are associated (or correlated) with OXE Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OXE Marine AB has no effect on the direction of Ultra Clean i.e., Ultra Clean and OXE Marine go up and down completely randomly.
Pair Corralation between Ultra Clean and OXE Marine
Given the investment horizon of 90 days Ultra Clean is expected to generate 46.5 times less return on investment than OXE Marine. In addition to that, Ultra Clean is 1.79 times more volatile than OXE Marine AB. It trades about 0.0 of its total potential returns per unit of risk. OXE Marine AB is currently generating about 0.12 per unit of volatility. If you would invest 3.00 in OXE Marine AB on August 27, 2025 and sell it today you would earn a total of 0.50 from holding OXE Marine AB or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ultra Clean Holdings vs. OXE Marine AB
Performance |
| Timeline |
| Ultra Clean Holdings |
| OXE Marine AB |
Ultra Clean and OXE Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ultra Clean and OXE Marine
The main advantage of trading using opposite Ultra Clean and OXE Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ultra Clean position performs unexpectedly, OXE Marine 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 OXE Marine will offset losses from the drop in OXE Marine's long position.| Ultra Clean vs. Laurentian Bank of | Ultra Clean vs. Dream Industrial Real | Ultra Clean vs. Perseus Mining Limited | Ultra Clean vs. iA Financial |
| OXE Marine vs. Ultra Clean Holdings | OXE Marine vs. Northstar Clean Technologies | OXE Marine vs. Ecoloclean Industrs | OXE Marine vs. CleanGo Innovations |
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 AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.
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