Correlation Between Ohmyhome Limited and 36Kr Holdings
Can any of the company-specific risk be diversified away by investing in both Ohmyhome Limited and 36Kr Holdings 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 36Kr Holdings 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 36Kr Holdings, you can compare the effects of market volatilities on Ohmyhome Limited and 36Kr Holdings 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 36Kr Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ohmyhome Limited and 36Kr Holdings.
Diversification Opportunities for Ohmyhome Limited and 36Kr Holdings
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ohmyhome and 36Kr is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Ohmyhome Limited Ordinary and 36Kr Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 36Kr Holdings 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 36Kr Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 36Kr Holdings has no effect on the direction of Ohmyhome Limited i.e., Ohmyhome Limited and 36Kr Holdings go up and down completely randomly.
Pair Corralation between Ohmyhome Limited and 36Kr Holdings
Considering the 90-day investment horizon Ohmyhome Limited Ordinary is expected to generate 10.59 times more return on investment than 36Kr Holdings. However, Ohmyhome Limited is 10.59 times more volatile than 36Kr Holdings. It trades about 0.05 of its potential returns per unit of risk. 36Kr Holdings is currently generating about -0.05 per unit of risk. If you would invest 0.00 in Ohmyhome Limited Ordinary on September 21, 2024 and sell it today you would earn a total of 40.90 from holding Ohmyhome Limited Ordinary or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 89.7% |
| Values | Daily Returns |
Ohmyhome Limited Ordinary vs. 36Kr Holdings
Performance |
| Timeline |
| Ohmyhome Limited Ordinary |
| 36Kr Holdings |
Ohmyhome Limited and 36Kr Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ohmyhome Limited and 36Kr Holdings
The main advantage of trading using opposite Ohmyhome Limited and 36Kr Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ohmyhome Limited position performs unexpectedly, 36Kr Holdings 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 36Kr Holdings will offset losses from the drop in 36Kr Holdings' long position.| Ohmyhome Limited vs. Fangdd Network Group | Ohmyhome Limited vs. Ucommune International | Ohmyhome Limited vs. Redfin Corp | Ohmyhome Limited vs. Offerpad Solutions |
| 36Kr Holdings vs. Southcorp Capital | 36Kr Holdings vs. Frp Holdings Ord | 36Kr Holdings vs. Ucommune International | 36Kr Holdings vs. Ohmyhome Limited Ordinary |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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