Correlation Between Shenzhen Hifuture and Oppein Home
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Oppein Home Group, you can compare the effects of market volatilities on Shenzhen Hifuture 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 Hifuture with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Oppein Home.
Diversification Opportunities for Shenzhen Hifuture and Oppein Home
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Oppein is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric 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 Hifuture 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 Hifuture Electric 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 Hifuture i.e., Shenzhen Hifuture and Oppein Home go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Oppein Home
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to under-perform the Oppein Home. In addition to that, Shenzhen Hifuture is 1.01 times more volatile than Oppein Home Group. It trades about -0.25 of its total potential returns per unit of risk. Oppein Home Group is currently generating about -0.03 per unit of volatility. If you would invest 6,650 in Oppein Home Group on November 6, 2024 and sell it today you would lose (110.00) from holding Oppein Home Group or give up 1.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Oppein Home Group
Performance |
| Timeline |
| Shenzhen Hifuture |
| Oppein Home Group |
Shenzhen Hifuture and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Oppein Home
The main advantage of trading using opposite Shenzhen Hifuture and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture 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 Hifuture vs. Soyea Technology Co | Shenzhen Hifuture vs. Gifore Agricultural Machinery | Shenzhen Hifuture vs. Eyebright Medical Technology | Shenzhen Hifuture vs. Smartgiant Technology Co |
| Oppein Home vs. Jiangsu Hoperun Software | Oppein Home vs. Peoples Insurance of | Oppein Home vs. Dareway Software Co | Oppein Home vs. Bonree Data Technology |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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