Correlation Between Offcn Education and Beijing Kaiwen
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By analyzing existing cross correlation between Offcn Education Technology and Beijing Kaiwen Education, you can compare the effects of market volatilities on Offcn Education and Beijing Kaiwen 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 Offcn Education with a short position of Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Offcn Education and Beijing Kaiwen.
Diversification Opportunities for Offcn Education and Beijing Kaiwen
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Offcn and Beijing is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Offcn Education Technology and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education and Offcn Education 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 Offcn Education Technology are associated (or correlated) with Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Offcn Education i.e., Offcn Education and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Offcn Education and Beijing Kaiwen
Assuming the 90 days trading horizon Offcn Education Technology is expected to under-perform the Beijing Kaiwen. In addition to that, Offcn Education is 1.19 times more volatile than Beijing Kaiwen Education. It trades about -0.01 of its total potential returns per unit of risk. Beijing Kaiwen Education is currently generating about 0.02 per unit of volatility. If you would invest 472.00 in Beijing Kaiwen Education on August 30, 2024 and sell it today you would earn a total of 46.00 from holding Beijing Kaiwen Education or generate 9.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Offcn Education Technology vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Offcn Education Tech |
| Beijing Kaiwen Education |
Offcn Education and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Offcn Education and Beijing Kaiwen
The main advantage of trading using opposite Offcn Education and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Offcn Education position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| Offcn Education vs. Agricultural Bank of | Offcn Education vs. Industrial and Commercial | Offcn Education vs. Bank of China | Offcn Education vs. China Construction Bank |
| Beijing Kaiwen vs. PetroChina Co Ltd | Beijing Kaiwen vs. China State Construction | Beijing Kaiwen vs. China Mobile Limited | Beijing Kaiwen vs. Industrial and Commercial |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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