Correlation Between OBiO Technology and Hainan Haiqi
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By analyzing existing cross correlation between OBiO Technology Corp and Hainan Haiqi Transportation, you can compare the effects of market volatilities on OBiO Technology and Hainan Haiqi 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 OBiO Technology with a short position of Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of OBiO Technology and Hainan Haiqi.
Diversification Opportunities for OBiO Technology and Hainan Haiqi
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between OBiO and Hainan is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding OBiO Technology Corp and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo and OBiO Technology 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 OBiO Technology Corp are associated (or correlated) with Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of OBiO Technology i.e., OBiO Technology and Hainan Haiqi go up and down completely randomly.
Pair Corralation between OBiO Technology and Hainan Haiqi
Assuming the 90 days trading horizon OBiO Technology Corp is expected to generate 1.48 times more return on investment than Hainan Haiqi. However, OBiO Technology is 1.48 times more volatile than Hainan Haiqi Transportation. It trades about 0.13 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.18 per unit of risk. If you would invest 412.00 in OBiO Technology Corp on September 3, 2024 and sell it today you would earn a total of 140.00 from holding OBiO Technology Corp or generate 33.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
OBiO Technology Corp vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| OBiO Technology Corp |
| Hainan Haiqi Transpo |
OBiO Technology and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OBiO Technology and Hainan Haiqi
The main advantage of trading using opposite OBiO Technology and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OBiO Technology position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| OBiO Technology vs. Gan Yuan Foods | OBiO Technology vs. Jiahe Foods Industry | OBiO Technology vs. JuneYao Dairy Co | OBiO Technology vs. Tongyu Communication |
| Hainan Haiqi vs. Maccura Biotechnology Co | Hainan Haiqi vs. Yili Chuanning Biotechnology | Hainan Haiqi vs. CITIC Guoan Information | Hainan Haiqi vs. Focus Media Information |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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