Correlation Between ONETECH SOLUTIONS and Hong Leong
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By analyzing existing cross correlation between ONETECH SOLUTIONS HOLDINGS and Hong Leong Bank, you can compare the effects of market volatilities on ONETECH SOLUTIONS and Hong Leong 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 ONETECH SOLUTIONS with a short position of Hong Leong. Check out your portfolio center. Please also check ongoing floating volatility patterns of ONETECH SOLUTIONS and Hong Leong.
Diversification Opportunities for ONETECH SOLUTIONS and Hong Leong
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ONETECH and Hong is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ONETECH SOLUTIONS HOLDINGS and Hong Leong Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hong Leong Bank and ONETECH SOLUTIONS 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 ONETECH SOLUTIONS HOLDINGS are associated (or correlated) with Hong Leong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hong Leong Bank has no effect on the direction of ONETECH SOLUTIONS i.e., ONETECH SOLUTIONS and Hong Leong go up and down completely randomly.
Pair Corralation between ONETECH SOLUTIONS and Hong Leong
If you would invest 2,050 in Hong Leong Bank on August 31, 2024 and sell it today you would earn a total of 6.00 from holding Hong Leong Bank or generate 0.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ONETECH SOLUTIONS HOLDINGS vs. Hong Leong Bank
Performance |
| Timeline |
| ONETECH SOLUTIONS |
| Hong Leong Bank |
ONETECH SOLUTIONS and Hong Leong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ONETECH SOLUTIONS and Hong Leong
The main advantage of trading using opposite ONETECH SOLUTIONS and Hong Leong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ONETECH SOLUTIONS position performs unexpectedly, Hong Leong 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 Hong Leong will offset losses from the drop in Hong Leong's long position.| ONETECH SOLUTIONS vs. Homeritz Bhd | ONETECH SOLUTIONS vs. Cloudpoint Technology Berhad | ONETECH SOLUTIONS vs. Silver Ridge Holdings | ONETECH SOLUTIONS vs. Media Prima Bhd |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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