Correlation Between Beijing Shunxin and Oppein Home
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By analyzing existing cross correlation between Beijing Shunxin Agriculture and Oppein Home Group, you can compare the effects of market volatilities on Beijing Shunxin 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 Beijing Shunxin with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Shunxin and Oppein Home.
Diversification Opportunities for Beijing Shunxin and Oppein Home
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Oppein is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Shunxin Agriculture 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 Beijing Shunxin 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 Beijing Shunxin Agriculture 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 Beijing Shunxin i.e., Beijing Shunxin and Oppein Home go up and down completely randomly.
Pair Corralation between Beijing Shunxin and Oppein Home
Assuming the 90 days trading horizon Beijing Shunxin Agriculture is expected to under-perform the Oppein Home. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Shunxin Agriculture is 1.01 times less risky than Oppein Home. The stock trades about -0.3 of its potential returns per unit of risk. The Oppein Home Group is currently generating about -0.24 of returns per unit of risk over similar time horizon. If you would invest 7,565 in Oppein Home Group on October 12, 2024 and sell it today you would lose (903.00) from holding Oppein Home Group or give up 11.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Shunxin Agriculture vs. Oppein Home Group
Performance |
| Timeline |
| Beijing Shunxin Agri |
| Oppein Home Group |
Beijing Shunxin and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Shunxin and Oppein Home
The main advantage of trading using opposite Beijing Shunxin and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Shunxin 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.| Beijing Shunxin vs. Sunny Loan Top | Beijing Shunxin vs. HUAQIN TECHNOLOGY LTD | Beijing Shunxin vs. Changjiang Publishing Media | Beijing Shunxin vs. Thinkingdom Media Group |
| Oppein Home vs. Beijing Shunxin Agriculture | Oppein Home vs. Sichuan Hebang Biotechnology | Oppein Home vs. Yili Chuanning Biotechnology | Oppein Home vs. Shanghai Jinfeng Wine |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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