Correlation Between Jiangsu Hoperun and OBiO Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Hoperun Software and OBiO Technology Corp, you can compare the effects of market volatilities on Jiangsu Hoperun and OBiO Technology 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 Jiangsu Hoperun with a short position of OBiO Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Hoperun and OBiO Technology.
Diversification Opportunities for Jiangsu Hoperun and OBiO Technology
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and OBiO is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Hoperun Software and OBiO Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OBiO Technology Corp and Jiangsu Hoperun 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 Jiangsu Hoperun Software are associated (or correlated) with OBiO Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OBiO Technology Corp has no effect on the direction of Jiangsu Hoperun i.e., Jiangsu Hoperun and OBiO Technology go up and down completely randomly.
Pair Corralation between Jiangsu Hoperun and OBiO Technology
Assuming the 90 days trading horizon Jiangsu Hoperun Software is expected to under-perform the OBiO Technology. In addition to that, Jiangsu Hoperun is 1.42 times more volatile than OBiO Technology Corp. It trades about -0.15 of its total potential returns per unit of risk. OBiO Technology Corp is currently generating about 0.06 per unit of volatility. If you would invest 536.00 in OBiO Technology Corp on September 1, 2024 and sell it today you would earn a total of 16.00 from holding OBiO Technology Corp or generate 2.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Hoperun Software vs. OBiO Technology Corp
Performance |
| Timeline |
| Jiangsu Hoperun Software |
| OBiO Technology Corp |
Jiangsu Hoperun and OBiO Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Hoperun and OBiO Technology
The main advantage of trading using opposite Jiangsu Hoperun and OBiO Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Hoperun position performs unexpectedly, OBiO Technology 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 OBiO Technology will offset losses from the drop in OBiO Technology's long position.| Jiangsu Hoperun vs. Agricultural Bank of | Jiangsu Hoperun vs. Industrial and Commercial | Jiangsu Hoperun vs. Bank of China | Jiangsu Hoperun vs. China Construction Bank |
| OBiO Technology vs. Shandong Polymer Biochemicals | OBiO Technology vs. Focus Media Information | OBiO Technology vs. Yingde Greatchem Chemicals | OBiO Technology vs. Harbin Air Conditioning |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |