Correlation Between Oppein Home and Hunan TV
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By analyzing existing cross correlation between Oppein Home Group and Hunan TV Broadcast, you can compare the effects of market volatilities on Oppein Home and Hunan TV 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 Oppein Home with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and Hunan TV.
Diversification Opportunities for Oppein Home and Hunan TV
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Oppein and Hunan is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Oppein Home 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 Oppein Home Group are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Oppein Home i.e., Oppein Home and Hunan TV go up and down completely randomly.
Pair Corralation between Oppein Home and Hunan TV
Assuming the 90 days trading horizon Oppein Home Group is expected to under-perform the Hunan TV. But the stock apears to be less risky and, when comparing its historical volatility, Oppein Home Group is 1.18 times less risky than Hunan TV. The stock trades about -0.02 of its potential returns per unit of risk. The Hunan TV Broadcast is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 510.00 in Hunan TV Broadcast on September 3, 2024 and sell it today you would earn a total of 315.00 from holding Hunan TV Broadcast or generate 61.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppein Home Group vs. Hunan TV Broadcast
Performance |
| Timeline |
| Oppein Home Group |
| Hunan TV Broadcast |
Oppein Home and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and Hunan TV
The main advantage of trading using opposite Oppein Home and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Oppein Home vs. PetroChina Co Ltd | Oppein Home vs. China Mobile Limited | Oppein Home vs. Industrial and Commercial | Oppein Home vs. China Life Insurance |
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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