Correlation Between Origin Agritech and TRADEDOUBLER
Can any of the company-specific risk be diversified away by investing in both Origin Agritech and TRADEDOUBLER at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Origin Agritech and TRADEDOUBLER into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Origin Agritech and TRADEDOUBLER AB SK, you can compare the effects of market volatilities on Origin Agritech and TRADEDOUBLER 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 TRADEDOUBLER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Origin Agritech and TRADEDOUBLER.
Diversification Opportunities for Origin Agritech and TRADEDOUBLER
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Origin and TRADEDOUBLER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Origin Agritech and TRADEDOUBLER AB SK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRADEDOUBLER AB SK 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 TRADEDOUBLER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRADEDOUBLER AB SK has no effect on the direction of Origin Agritech i.e., Origin Agritech and TRADEDOUBLER go up and down completely randomly.
Pair Corralation between Origin Agritech and TRADEDOUBLER
Assuming the 90 days trading horizon Origin Agritech is expected to under-perform the TRADEDOUBLER. But the stock apears to be less risky and, when comparing its historical volatility, Origin Agritech is 1.15 times less risky than TRADEDOUBLER. The stock trades about -0.04 of its potential returns per unit of risk. The TRADEDOUBLER AB SK is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 27.00 in TRADEDOUBLER AB SK on August 29, 2024 and sell it today you would earn a total of 0.00 from holding TRADEDOUBLER AB SK or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Origin Agritech vs. TRADEDOUBLER AB SK
Performance |
| Timeline |
| Origin Agritech |
| TRADEDOUBLER AB SK |
Origin Agritech and TRADEDOUBLER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Origin Agritech and TRADEDOUBLER
The main advantage of trading using opposite Origin Agritech and TRADEDOUBLER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Origin Agritech position performs unexpectedly, TRADEDOUBLER 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 TRADEDOUBLER will offset losses from the drop in TRADEDOUBLER's long position.| Origin Agritech vs. 24SEVENOFFICE GROUP AB | Origin Agritech vs. MAVEN WIRELESS SWEDEN | Origin Agritech vs. SIDETRADE EO 1 | Origin Agritech vs. HK Electric Investments |
| TRADEDOUBLER vs. The Interpublic Group | TRADEDOUBLER vs. Superior Plus Corp | TRADEDOUBLER vs. NMI Holdings | TRADEDOUBLER 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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