Correlation Between Oppein Home and YiDong Electronics
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By analyzing existing cross correlation between Oppein Home Group and YiDong Electronics Technology, you can compare the effects of market volatilities on Oppein Home and YiDong Electronics 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 YiDong Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and YiDong Electronics.
Diversification Opportunities for Oppein Home and YiDong Electronics
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Oppein and YiDong is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and YiDong Electronics Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YiDong Electronics 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 YiDong Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YiDong Electronics has no effect on the direction of Oppein Home i.e., Oppein Home and YiDong Electronics go up and down completely randomly.
Pair Corralation between Oppein Home and YiDong Electronics
Assuming the 90 days trading horizon Oppein Home Group is expected to under-perform the YiDong Electronics. But the stock apears to be less risky and, when comparing its historical volatility, Oppein Home Group is 1.72 times less risky than YiDong Electronics. The stock trades about -0.24 of its potential returns per unit of risk. The YiDong Electronics Technology is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,126 in YiDong Electronics Technology on October 12, 2024 and sell it today you would earn a total of 213.00 from holding YiDong Electronics Technology or generate 10.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppein Home Group vs. YiDong Electronics Technology
Performance |
| Timeline |
| Oppein Home Group |
| YiDong Electronics |
Oppein Home and YiDong Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and YiDong Electronics
The main advantage of trading using opposite Oppein Home and YiDong Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, YiDong Electronics 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 YiDong Electronics will offset losses from the drop in YiDong Electronics' long position.| Oppein Home vs. Beijing Shunxin Agriculture | Oppein Home vs. Sichuan Hebang Biotechnology | Oppein Home vs. Yili Chuanning Biotechnology | Oppein Home vs. Shanghai Jinfeng Wine |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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