Correlation Between Beijing Bewinner and Oppein Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Oppein Home Group, you can compare the effects of market volatilities on Beijing Bewinner 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 Bewinner with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Oppein Home.
Diversification Opportunities for Beijing Bewinner and Oppein Home
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beijing and Oppein is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication 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 Bewinner 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 Bewinner Communications 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 Bewinner i.e., Beijing Bewinner and Oppein Home go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Oppein Home
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.97 times more return on investment than Oppein Home. However, Beijing Bewinner is 1.97 times more volatile than Oppein Home Group. It trades about 0.05 of its potential returns per unit of risk. Oppein Home Group is currently generating about -0.08 per unit of risk. If you would invest 634.00 in Beijing Bewinner Communications on October 30, 2024 and sell it today you would earn a total of 31.00 from holding Beijing Bewinner Communications or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Oppein Home Group
Performance |
| Timeline |
| Beijing Bewinner Com |
| Oppein Home Group |
Beijing Bewinner and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Oppein Home
The main advantage of trading using opposite Beijing Bewinner and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner 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 Bewinner vs. Bosera CMSK Industrial | Beijing Bewinner vs. Western Metal Materials | Beijing Bewinner vs. Pengxin International Mining | Beijing Bewinner vs. Jiangsu Jinling Sports |
| Oppein Home vs. Cloud Live Technology | Oppein Home vs. Nanjing Putian Telecommunications | Oppein Home vs. Shenzhen Coship Electronics | Oppein Home vs. Shenzhen Hifuture Electric |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |