Correlation Between Oppein Home and Gifore Agricultural
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oppein Home Group and Gifore Agricultural Machinery, you can compare the effects of market volatilities on Oppein Home and Gifore Agricultural 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 Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and Gifore Agricultural.
Diversification Opportunities for Oppein Home and Gifore Agricultural
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppein and Gifore is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural 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 Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of Oppein Home i.e., Oppein Home and Gifore Agricultural go up and down completely randomly.
Pair Corralation between Oppein Home and Gifore Agricultural
Assuming the 90 days trading horizon Oppein Home Group is expected to under-perform the Gifore Agricultural. But the stock apears to be less risky and, when comparing its historical volatility, Oppein Home Group is 1.4 times less risky than Gifore Agricultural. The stock trades about -0.02 of its potential returns per unit of risk. The Gifore Agricultural Machinery is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Gifore Agricultural Machinery on September 28, 2024 and sell it today you would earn a total of 40.00 from holding Gifore Agricultural Machinery or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Oppein Home Group vs. Gifore Agricultural Machinery
Performance |
| Timeline |
| Oppein Home Group |
| Gifore Agricultural |
Oppein Home and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and Gifore Agricultural
The main advantage of trading using opposite Oppein Home and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural's long position.| Oppein Home vs. Wangneng Environment Co | Oppein Home vs. Eit Environmental Development | Oppein Home vs. Aofu Environmental Technology | Oppein Home vs. Shenzhen MYS Environmental |
| Gifore Agricultural vs. Sinomach Automobile Co | Gifore Agricultural vs. Uroica Mining Safety | Gifore Agricultural vs. Shanghai Yanpu Metal | Gifore Agricultural vs. Hainan Mining Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |