Correlation Between Offshore Oil and Postal Savings
Specify exactly 2 symbols:
By analyzing existing cross correlation between Offshore Oil Engineering and Postal Savings Bank, you can compare the effects of market volatilities on Offshore Oil and Postal Savings 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 Offshore Oil with a short position of Postal Savings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Offshore Oil and Postal Savings.
Diversification Opportunities for Offshore Oil and Postal Savings
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Offshore and Postal is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Offshore Oil Engineering and Postal Savings Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Postal Savings Bank and Offshore Oil 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 Offshore Oil Engineering are associated (or correlated) with Postal Savings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Postal Savings Bank has no effect on the direction of Offshore Oil i.e., Offshore Oil and Postal Savings go up and down completely randomly.
Pair Corralation between Offshore Oil and Postal Savings
Assuming the 90 days trading horizon Offshore Oil Engineering is expected to generate 0.64 times more return on investment than Postal Savings. However, Offshore Oil Engineering is 1.56 times less risky than Postal Savings. It trades about -0.01 of its potential returns per unit of risk. Postal Savings Bank is currently generating about -0.06 per unit of risk. If you would invest 548.00 in Offshore Oil Engineering on October 11, 2024 and sell it today you would lose (2.00) from holding Offshore Oil Engineering or give up 0.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Offshore Oil Engineering vs. Postal Savings Bank
Performance |
| Timeline |
| Offshore Oil Engineering |
| Postal Savings Bank |
Offshore Oil and Postal Savings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Offshore Oil and Postal Savings
The main advantage of trading using opposite Offshore Oil and Postal Savings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Offshore Oil position performs unexpectedly, Postal Savings 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 Postal Savings will offset losses from the drop in Postal Savings' long position.| Offshore Oil vs. Zhejiang Kingland Pipeline | Offshore Oil vs. Ningbo Tech Bank Co | Offshore Oil vs. Shanghai Broadband Technology | Offshore Oil vs. Ming Yang Smart |
| Postal Savings vs. Jiajia Food Group | Postal Savings vs. Tianshui Huatian Technology | Postal Savings vs. Kuangda Technology Group | Postal Savings vs. Offshore Oil Engineering |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| CEOs Directory Screen CEOs from public companies around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |