Correlation Between Oppein Home and Chengdu B
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By analyzing existing cross correlation between Oppein Home Group and Chengdu B ray Media, you can compare the effects of market volatilities on Oppein Home and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and Chengdu B.
Diversification Opportunities for Oppein Home and Chengdu B
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oppein and Chengdu is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Oppein Home i.e., Oppein Home and Chengdu B go up and down completely randomly.
Pair Corralation between Oppein Home and Chengdu B
Assuming the 90 days trading horizon Oppein Home Group is expected to under-perform the Chengdu B. But the stock apears to be less risky and, when comparing its historical volatility, Oppein Home Group is 1.11 times less risky than Chengdu B. The stock trades about -0.04 of its potential returns per unit of risk. The Chengdu B ray Media is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 550.00 in Chengdu B ray Media on October 16, 2024 and sell it today you would lose (120.00) from holding Chengdu B ray Media or give up 21.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppein Home Group vs. Chengdu B ray Media
Performance |
| Timeline |
| Oppein Home Group |
| Chengdu B ray |
Oppein Home and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and Chengdu B
The main advantage of trading using opposite Oppein Home and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.| Oppein Home vs. Jinhui Mining Co | Oppein Home vs. Tianjin Hi Tech Development | Oppein Home vs. Tibet Huayu Mining | Oppein Home vs. Shenzhen Silver Basis |
| Chengdu B vs. Vohringer Home Technology | Chengdu B vs. Arrow Home Group | Chengdu B vs. Zoy Home Furnishing | Chengdu B vs. Oppein Home Group |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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