Correlation Between Duzhe Publishing and Oppein Home
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By analyzing existing cross correlation between Duzhe Publishing Media and Oppein Home Group, you can compare the effects of market volatilities on Duzhe Publishing and Oppein Home 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 Duzhe Publishing with a short position of Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Oppein Home.
Diversification Opportunities for Duzhe Publishing and Oppein Home
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Duzhe and Oppein is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group and Duzhe Publishing 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 Duzhe Publishing Media are associated (or correlated) with Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Oppein Home go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Oppein Home
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to under-perform the Oppein Home. In addition to that, Duzhe Publishing is 1.17 times more volatile than Oppein Home Group. It trades about -0.09 of its total potential returns per unit of risk. Oppein Home Group is currently generating about -0.11 per unit of volatility. If you would invest 6,831 in Oppein Home Group on October 23, 2024 and sell it today you would lose (372.00) from holding Oppein Home Group or give up 5.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Oppein Home Group
Performance |
| Timeline |
| Duzhe Publishing Media |
| Oppein Home Group |
Duzhe Publishing and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Oppein Home
The main advantage of trading using opposite Duzhe Publishing and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Duzhe Publishing vs. CareRay Digital Medical | Duzhe Publishing vs. Guangzhou Seagull Kitchen | Duzhe Publishing vs. Shanghai Sanyou Medical | Duzhe Publishing vs. Kunwu Jiuding Investment |
| Oppein Home vs. Strait Innovation Internet | Oppein Home vs. Fujian Newland Computer | Oppein Home vs. Easyhome New Retail | Oppein Home vs. Cansino Biologics |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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