Correlation Between Shanghai Jinfeng and Oppein Home
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By analyzing existing cross correlation between Shanghai Jinfeng Wine and Oppein Home Group, you can compare the effects of market volatilities on Shanghai Jinfeng and Oppein Home 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 Shanghai Jinfeng with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Jinfeng and Oppein Home.
Diversification Opportunities for Shanghai Jinfeng and Oppein Home
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shanghai and Oppein is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Jinfeng Wine and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group and Shanghai Jinfeng 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 Shanghai Jinfeng Wine are associated (or correlated) with Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Shanghai Jinfeng i.e., Shanghai Jinfeng and Oppein Home go up and down completely randomly.
Pair Corralation between Shanghai Jinfeng and Oppein Home
Assuming the 90 days trading horizon Shanghai Jinfeng Wine is expected to under-perform the Oppein Home. In addition to that, Shanghai Jinfeng is 1.88 times more volatile than Oppein Home Group. It trades about -0.23 of its total potential returns per unit of risk. Oppein Home Group is currently generating about -0.24 per unit of volatility. If you would invest 7,565 in Oppein Home Group on October 12, 2024 and sell it today you would lose (903.00) from holding Oppein Home Group or give up 11.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Jinfeng Wine vs. Oppein Home Group
Performance |
| Timeline |
| Shanghai Jinfeng Wine |
| Oppein Home Group |
Shanghai Jinfeng and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Jinfeng and Oppein Home
The main advantage of trading using opposite Shanghai Jinfeng and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Jinfeng position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Shanghai Jinfeng vs. Shantou Wanshun Package | Shanghai Jinfeng vs. Qingdao Foods Co | Shanghai Jinfeng vs. Olympic Circuit Technology | Shanghai Jinfeng vs. Changchun UP Optotech |
| Oppein Home vs. Beijing Shunxin Agriculture | Oppein Home vs. Sichuan Hebang Biotechnology | Oppein Home vs. Yili Chuanning Biotechnology | Oppein Home vs. Shanghai Jinfeng Wine |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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