Correlation Between Ohmyhome Limited and Redfin Corp
Can any of the company-specific risk be diversified away by investing in both Ohmyhome Limited and Redfin Corp 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 Redfin Corp 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 Redfin Corp, you can compare the effects of market volatilities on Ohmyhome Limited and Redfin Corp 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 Redfin Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ohmyhome Limited and Redfin Corp.
Diversification Opportunities for Ohmyhome Limited and Redfin Corp
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ohmyhome and Redfin is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Ohmyhome Limited Ordinary and Redfin Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Redfin Corp 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 Redfin Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Redfin Corp has no effect on the direction of Ohmyhome Limited i.e., Ohmyhome Limited and Redfin Corp go up and down completely randomly.
Pair Corralation between Ohmyhome Limited and Redfin Corp
Considering the 90-day investment horizon Ohmyhome Limited Ordinary is expected to under-perform the Redfin Corp. In addition to that, Ohmyhome Limited is 1.65 times more volatile than Redfin Corp. It trades about -0.02 of its total potential returns per unit of risk. Redfin Corp is currently generating about 0.02 per unit of volatility. If you would invest 826.00 in Redfin Corp on November 3, 2024 and sell it today you would lose (26.00) from holding Redfin Corp or give up 3.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ohmyhome Limited Ordinary vs. Redfin Corp
Performance |
| Timeline |
| Ohmyhome Limited Ordinary |
| Redfin Corp |
Ohmyhome Limited and Redfin Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ohmyhome Limited and Redfin Corp
The main advantage of trading using opposite Ohmyhome Limited and Redfin Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ohmyhome Limited position performs unexpectedly, Redfin Corp 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 Redfin Corp will offset losses from the drop in Redfin Corp's long position.| Ohmyhome Limited vs. Fangdd Network Group | Ohmyhome Limited vs. Ucommune International | Ohmyhome Limited vs. Redfin Corp | Ohmyhome Limited vs. Offerpad Solutions |
| Redfin Corp vs. Offerpad Solutions | Redfin Corp vs. eXp World Holdings | Redfin Corp vs. Ohmyhome Limited Ordinary | Redfin Corp vs. Real Brokerage |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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