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Correlation Between OPC ENERGY and Home Depot

Analyzing existing cross correlation between OPC ENERGY LTD and Home Depot. You can compare the effects of market volatilities on OPC ENERGY and Home Depot 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 OPC ENERGY with a short position of Home Depot. Check out your portfolio center. Please also check ongoing floating volatility patterns of OPC ENERGY and Home Depot.

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Diversification Opportunities for OPC ENERGY and Home Depot

OPC ENERGY LTD diversification synergy
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Pay attention - limited upside

The 3 months correlation between OPCE and Home is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OPC ENERGY LTD and Home Depot Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Home Depot and OPC ENERGY 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 OPC ENERGY LTD are associated (or correlated) with Home Depot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Home Depot has no effect on the direction of OPC ENERGY i.e. OPC ENERGY and Home Depot go up and down completely randomly.

Pair Corralation between OPC ENERGY and Home Depot

If you would invest  22,076  in Home Depot on January 25, 2020 and sell it today you would earn a total of  2,173  from holding Home Depot or generate 9.84% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

OPC ENERGY LTD  vs.  Home Depot Inc

 Performance (%) 
    
  Timeline 
OPC ENERGY LTD 
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Risk-Adjusted Performance

Over the last 30 days OPC ENERGY LTD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, OPC ENERGY is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Home Depot 
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In spite of rather sluggish fundamental drivers, Home Depot may actually be approaching a critical reversion point that can send shares even higher in March 2020.

OPC ENERGY and Home Depot Volatility Contrast

Check out your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.