Correlation Between Origin Agritech and Cobas Global
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By analyzing existing cross correlation between Origin Agritech and Cobas Global PP, you can compare the effects of market volatilities on Origin Agritech and Cobas Global 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 Origin Agritech with a short position of Cobas Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Origin Agritech and Cobas Global.
Diversification Opportunities for Origin Agritech and Cobas Global
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Origin and Cobas is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Origin Agritech and Cobas Global PP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cobas Global PP and Origin Agritech 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 Origin Agritech are associated (or correlated) with Cobas Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cobas Global PP has no effect on the direction of Origin Agritech i.e., Origin Agritech and Cobas Global go up and down completely randomly.
Pair Corralation between Origin Agritech and Cobas Global
Assuming the 90 days trading horizon Origin Agritech is expected to generate 23.0 times less return on investment than Cobas Global. But when comparing it to its historical volatility, Origin Agritech is 12.24 times less risky than Cobas Global. It trades about 0.04 of its potential returns per unit of risk. Cobas Global PP is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 9,730 in Cobas Global PP on September 14, 2024 and sell it today you would earn a total of 2,450 from holding Cobas Global PP or generate 25.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Origin Agritech vs. Cobas Global PP
Performance |
| Timeline |
| Origin Agritech |
| Cobas Global PP |
Origin Agritech and Cobas Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Origin Agritech and Cobas Global
The main advantage of trading using opposite Origin Agritech and Cobas Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Origin Agritech position performs unexpectedly, Cobas Global 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 Cobas Global will offset losses from the drop in Cobas Global's long position.| Origin Agritech vs. ITALIAN WINE BRANDS | Origin Agritech vs. Treasury Wine Estates | Origin Agritech vs. UPDATE SOFTWARE | Origin Agritech vs. Aegean Airlines SA |
| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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