Correlation Between Oppein Home and Nanjing Putian
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By analyzing existing cross correlation between Oppein Home Group and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Oppein Home and Nanjing Putian 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 Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and Nanjing Putian.
Diversification Opportunities for Oppein Home and Nanjing Putian
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppein and Nanjing is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec 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 Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Oppein Home i.e., Oppein Home and Nanjing Putian go up and down completely randomly.
Pair Corralation between Oppein Home and Nanjing Putian
Assuming the 90 days trading horizon Oppein Home Group is expected to generate 0.48 times more return on investment than Nanjing Putian. However, Oppein Home Group is 2.1 times less risky than Nanjing Putian. It trades about -0.26 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about -0.14 per unit of risk. If you would invest 7,065 in Oppein Home Group on October 15, 2024 and sell it today you would lose (695.00) from holding Oppein Home Group or give up 9.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppein Home Group vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Oppein Home Group |
| Nanjing Putian Telec |
Oppein Home and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and Nanjing Putian
The main advantage of trading using opposite Oppein Home and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| Oppein Home vs. Shanghai Shuixing Home | Oppein Home vs. Xiamen Goldenhome Co | Oppein Home vs. Suzhou Weizhixiang Food | Oppein Home vs. Mengtian Home Group |
| Nanjing Putian vs. Fiberhome Telecommunication Technologies | Nanjing Putian vs. Anhui Xinhua Media | Nanjing Putian vs. Oppein Home Group | Nanjing Putian vs. Beijing Enlight Media |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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