Correlation Between Oppein Home and Poly Real
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oppein Home Group and Poly Real Estate, you can compare the effects of market volatilities on Oppein Home and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and Poly Real.
Diversification Opportunities for Oppein Home and Poly Real
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Oppein and Poly is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Oppein Home i.e., Oppein Home and Poly Real go up and down completely randomly.
Pair Corralation between Oppein Home and Poly Real
Assuming the 90 days trading horizon Oppein Home Group is expected to generate 1.14 times more return on investment than Poly Real. However, Oppein Home is 1.14 times more volatile than Poly Real Estate. It trades about -0.02 of its potential returns per unit of risk. Poly Real Estate is currently generating about -0.02 per unit of risk. If you would invest 9,687 in Oppein Home Group on August 31, 2024 and sell it today you would lose (2,627) from holding Oppein Home Group or give up 27.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppein Home Group vs. Poly Real Estate
Performance |
| Timeline |
| Oppein Home Group |
| Poly Real Estate |
Oppein Home and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and Poly Real
The main advantage of trading using opposite Oppein Home and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Oppein Home vs. China State Construction | Oppein Home vs. China Merchants Shekou | Oppein Home vs. Huafa Industrial Co | Oppein Home vs. China International Capital |
| Poly Real vs. Guangdong Jingyi Metal | Poly Real vs. Heilongjiang Transport Development | Poly Real vs. Silkroad Visual Technology | Poly Real vs. Chongqing Shunbo Aluminum |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |