Correlation Between Ohmyhome Limited and Granite Real
Can any of the company-specific risk be diversified away by investing in both Ohmyhome Limited and Granite Real 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 Ohmyhome Limited and Granite Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ohmyhome Limited Ordinary and Granite Real Estate, you can compare the effects of market volatilities on Ohmyhome Limited and Granite 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 Ohmyhome Limited with a short position of Granite Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ohmyhome Limited and Granite Real.
Diversification Opportunities for Ohmyhome Limited and Granite Real
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ohmyhome and Granite is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Ohmyhome Limited Ordinary and Granite Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Granite Real Estate and Ohmyhome Limited 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 Ohmyhome Limited Ordinary are associated (or correlated) with Granite Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Granite Real Estate has no effect on the direction of Ohmyhome Limited i.e., Ohmyhome Limited and Granite Real go up and down completely randomly.
Pair Corralation between Ohmyhome Limited and Granite Real
Considering the 90-day investment horizon Ohmyhome Limited Ordinary is expected to generate 3.71 times more return on investment than Granite Real. However, Ohmyhome Limited is 3.71 times more volatile than Granite Real Estate. It trades about 0.12 of its potential returns per unit of risk. Granite Real Estate is currently generating about 0.06 per unit of risk. If you would invest 34.00 in Ohmyhome Limited Ordinary on September 2, 2024 and sell it today you would earn a total of 5.00 from holding Ohmyhome Limited Ordinary or generate 14.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ohmyhome Limited Ordinary vs. Granite Real Estate
Performance |
| Timeline |
| Ohmyhome Limited Ordinary |
| Granite Real Estate |
Ohmyhome Limited and Granite Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ohmyhome Limited and Granite Real
The main advantage of trading using opposite Ohmyhome Limited and Granite Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ohmyhome Limited position performs unexpectedly, Granite 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 Granite Real will offset losses from the drop in Granite Real's long position.| Ohmyhome Limited vs. MDJM | Ohmyhome Limited vs. Fangdd Network Group | Ohmyhome Limited vs. Ucommune International | Ohmyhome Limited vs. Redfin Corp |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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