Correlation Between DOW and OMNITEX INDUSTRIES

By analyzing existing cross correlation between DOW and OMNITEX INDUSTRIES LTD, you can compare the effects of market volatilities on DOW and OMNITEX INDUSTRIES 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 DOW with a short position of OMNITEX INDUSTRIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of DOW and OMNITEX INDUSTRIES.

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Can any of the company-specific risk be diversified away by investing in both DOW and OMNITEX INDUSTRIES 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 DOW and OMNITEX INDUSTRIES into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for DOW and OMNITEX INDUSTRIES

-0.32
  Correlation Coefficient
DOW
OMNITEX INDUSTRIES LTD

Very good diversification

The 3 months correlation between DOW and OMNITEX is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding DOW and OMNITEX INDUSTRIES LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OMNITEX INDUSTRIES LTD and DOW 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 DOW are associated (or correlated) with OMNITEX INDUSTRIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OMNITEX INDUSTRIES LTD has no effect on the direction of DOW i.e. DOW and OMNITEX INDUSTRIES go up and down completely randomly.
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Pair Corralation between DOW and OMNITEX INDUSTRIES

If you would invest  2,339,077  in DOW on June 10, 2020 and sell it today you would earn a total of  268,453  from holding DOW or generate 11.48% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

DOW  vs.  OMNITEX INDUSTRIES LTD

 Performance (%) 
      Timeline 
 Predicted Return Density 
      Returns 
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