Correlation Between Onfolio Holdings and 36Kr Holdings
Can any of the company-specific risk be diversified away by investing in both Onfolio Holdings 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 Onfolio Holdings and 36Kr Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Onfolio Holdings and 36Kr Holdings, you can compare the effects of market volatilities on Onfolio Holdings 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 Onfolio Holdings with a short position of 36Kr Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Onfolio Holdings and 36Kr Holdings.
Diversification Opportunities for Onfolio Holdings and 36Kr Holdings
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Onfolio and 36Kr is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Onfolio Holdings and 36Kr Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 36Kr Holdings and Onfolio Holdings 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 Onfolio Holdings 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 Onfolio Holdings i.e., Onfolio Holdings and 36Kr Holdings go up and down completely randomly.
Pair Corralation between Onfolio Holdings and 36Kr Holdings
Given the investment horizon of 90 days Onfolio Holdings is expected to generate 1.44 times more return on investment than 36Kr Holdings. However, Onfolio Holdings is 1.44 times more volatile than 36Kr Holdings. It trades about 0.03 of its potential returns per unit of risk. 36Kr Holdings is currently generating about -0.07 per unit of risk. If you would invest 144.00 in Onfolio Holdings on August 27, 2024 and sell it today you would lose (19.00) from holding Onfolio Holdings or give up 13.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Onfolio Holdings vs. 36Kr Holdings
Performance |
| Timeline |
| Onfolio Holdings |
| 36Kr Holdings |
Onfolio Holdings and 36Kr Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Onfolio Holdings and 36Kr Holdings
The main advantage of trading using opposite Onfolio Holdings and 36Kr Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Onfolio Holdings 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.| Onfolio Holdings vs. Trivago NV | Onfolio Holdings vs. Cheetah Mobile | Onfolio Holdings vs. Comscore | Onfolio Holdings vs. Arena Group Holdings |
| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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