Correlation Between Shenzhen Centralcon and Oppein Home
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By analyzing existing cross correlation between Shenzhen Centralcon Investment and Oppein Home Group, you can compare the effects of market volatilities on Shenzhen Centralcon and Oppein Home 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 Shenzhen Centralcon with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Centralcon and Oppein Home.
Diversification Opportunities for Shenzhen Centralcon and Oppein Home
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Oppein is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Centralcon Investment and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group and Shenzhen Centralcon 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 Shenzhen Centralcon Investment are associated (or correlated) with Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Shenzhen Centralcon i.e., Shenzhen Centralcon and Oppein Home go up and down completely randomly.
Pair Corralation between Shenzhen Centralcon and Oppein Home
Assuming the 90 days trading horizon Shenzhen Centralcon Investment is expected to generate 0.98 times more return on investment than Oppein Home. However, Shenzhen Centralcon Investment is 1.02 times less risky than Oppein Home. It trades about 0.18 of its potential returns per unit of risk. Oppein Home Group is currently generating about 0.06 per unit of risk. If you would invest 528.00 in Shenzhen Centralcon Investment on September 13, 2024 and sell it today you would earn a total of 53.00 from holding Shenzhen Centralcon Investment or generate 10.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Centralcon Investment vs. Oppein Home Group
Performance |
| Timeline |
| Shenzhen Centralcon |
| Oppein Home Group |
Shenzhen Centralcon and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Centralcon and Oppein Home
The main advantage of trading using opposite Shenzhen Centralcon and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Centralcon position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Shenzhen Centralcon vs. China Life Insurance | Shenzhen Centralcon vs. Cinda Securities Co | Shenzhen Centralcon vs. Piotech Inc A | Shenzhen Centralcon vs. Dongxing Sec Co |
| Oppein Home vs. TongFu Microelectronics Co | Oppein Home vs. Hangzhou Weiguang Electronic | Oppein Home vs. Xinya Electronic Co | Oppein Home vs. Integrated Electronic Systems |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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