Correlation Between Anhui Transport and OBiO Technology
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By analyzing existing cross correlation between Anhui Transport Consulting and OBiO Technology Corp, you can compare the effects of market volatilities on Anhui Transport 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 Anhui Transport with a short position of OBiO Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and OBiO Technology.
Diversification Opportunities for Anhui Transport and OBiO Technology
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and OBiO is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting 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 Anhui Transport 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 Anhui Transport Consulting 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 Anhui Transport i.e., Anhui Transport and OBiO Technology go up and down completely randomly.
Pair Corralation between Anhui Transport and OBiO Technology
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to generate 0.67 times more return on investment than OBiO Technology. However, Anhui Transport Consulting is 1.49 times less risky than OBiO Technology. It trades about 0.17 of its potential returns per unit of risk. OBiO Technology Corp is currently generating about -0.01 per unit of risk. If you would invest 915.00 in Anhui Transport Consulting on September 3, 2024 and sell it today you would earn a total of 68.00 from holding Anhui Transport Consulting or generate 7.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. OBiO Technology Corp
Performance |
| Timeline |
| Anhui Transport Cons |
| OBiO Technology Corp |
Anhui Transport and OBiO Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and OBiO Technology
The main advantage of trading using opposite Anhui Transport and OBiO Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport 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.| Anhui Transport vs. Cultural Investment Holdings | Anhui Transport vs. Gome Telecom Equipment | Anhui Transport vs. Bus Online Co | Anhui Transport vs. Holitech Technology Co |
| OBiO Technology vs. Gan Yuan Foods | OBiO Technology vs. Jiahe Foods Industry | OBiO Technology vs. JuneYao Dairy Co | OBiO Technology vs. Tongyu Communication |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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