Correlation Between Oneconnect Financial and My Size
Can any of the company-specific risk be diversified away by investing in both Oneconnect Financial and My Size at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Oneconnect Financial and My Size into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oneconnect Financial Technology and My Size, you can compare the effects of market volatilities on Oneconnect Financial and My Size 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 Oneconnect Financial with a short position of My Size. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneconnect Financial and My Size.
Diversification Opportunities for Oneconnect Financial and My Size
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oneconnect and MYSZ is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Oneconnect Financial Technolog and My Size in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on My Size and Oneconnect Financial 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 Oneconnect Financial Technology are associated (or correlated) with My Size. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of My Size has no effect on the direction of Oneconnect Financial i.e., Oneconnect Financial and My Size go up and down completely randomly.
Pair Corralation between Oneconnect Financial and My Size
Given the investment horizon of 90 days Oneconnect Financial is expected to generate 4.18 times less return on investment than My Size. But when comparing it to its historical volatility, Oneconnect Financial Technology is 5.29 times less risky than My Size. It trades about 0.11 of its potential returns per unit of risk. My Size is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 168.00 in My Size on November 3, 2024 and sell it today you would earn a total of 24.00 from holding My Size or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.36% |
| Values | Daily Returns |
Oneconnect Financial Technolog vs. My Size
Performance |
| Timeline |
| Oneconnect Financial |
| My Size |
Oneconnect Financial and My Size Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oneconnect Financial and My Size
The main advantage of trading using opposite Oneconnect Financial and My Size positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oneconnect Financial position performs unexpectedly, My Size 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 My Size will offset losses from the drop in My Size's long position.| Oneconnect Financial vs. Trust Stamp | Oneconnect Financial vs. Amesite Operating Co | Oneconnect Financial vs. My Size | Oneconnect Financial vs. Kingsoft Cloud Holdings |
| My Size vs. Oneconnect Financial Technology | My Size vs. Trust Stamp | My Size vs. Amesite Operating Co | My Size vs. Infobird Co |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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