Correlation Between Onfolio Holdings and PropertyGuru
Can any of the company-specific risk be diversified away by investing in both Onfolio Holdings and PropertyGuru 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 PropertyGuru into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Onfolio Holdings and PropertyGuru Group, you can compare the effects of market volatilities on Onfolio Holdings and PropertyGuru 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 PropertyGuru. Check out your portfolio center. Please also check ongoing floating volatility patterns of Onfolio Holdings and PropertyGuru.
Diversification Opportunities for Onfolio Holdings and PropertyGuru
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Onfolio and PropertyGuru is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Onfolio Holdings and PropertyGuru Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PropertyGuru Group 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 PropertyGuru. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PropertyGuru Group has no effect on the direction of Onfolio Holdings i.e., Onfolio Holdings and PropertyGuru go up and down completely randomly.
Pair Corralation between Onfolio Holdings and PropertyGuru
If you would invest 670.00 in PropertyGuru Group on October 25, 2024 and sell it today you would earn a total of 0.00 from holding PropertyGuru Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Onfolio Holdings vs. PropertyGuru Group
Performance |
| Timeline |
| Onfolio Holdings |
| PropertyGuru Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Onfolio Holdings and PropertyGuru Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Onfolio Holdings and PropertyGuru
The main advantage of trading using opposite Onfolio Holdings and PropertyGuru positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Onfolio Holdings position performs unexpectedly, PropertyGuru 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 PropertyGuru will offset losses from the drop in PropertyGuru's long position.| Onfolio Holdings vs. Vivid Seats | Onfolio Holdings vs. EverQuote Class A | Onfolio Holdings vs. Asset Entities Class | Onfolio Holdings vs. Zhihu Inc ADR |
| PropertyGuru vs. Comscore | PropertyGuru vs. Cheetah Mobile | PropertyGuru vs. EverQuote Class A | PropertyGuru vs. DouYu International Holdings |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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