Correlation Between Oracle and Hi Sun
Can any of the company-specific risk be diversified away by investing in both Oracle and Hi Sun 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 Oracle and Hi Sun into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oracle and Hi Sun Technology, you can compare the effects of market volatilities on Oracle and Hi Sun 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 Oracle with a short position of Hi Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oracle and Hi Sun.
Diversification Opportunities for Oracle and Hi Sun
Pay attention - limited upside
The 3 months correlation between Oracle and HISNF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oracle and Hi Sun Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hi Sun Technology and Oracle 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 Oracle are associated (or correlated) with Hi Sun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hi Sun Technology has no effect on the direction of Oracle i.e., Oracle and Hi Sun go up and down completely randomly.
Pair Corralation between Oracle and Hi Sun
If you would invest 13,911 in Oracle on August 29, 2024 and sell it today you would earn a total of 5,126 from holding Oracle or generate 36.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Oracle vs. Hi Sun Technology
Performance |
| Timeline |
| Oracle |
| Hi Sun Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oracle and Hi Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oracle and Hi Sun
The main advantage of trading using opposite Oracle and Hi Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oracle position performs unexpectedly, Hi Sun 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 Hi Sun will offset losses from the drop in Hi Sun's long position.| Oracle vs. Palo Alto Networks | Oracle vs. Crowdstrike Holdings | Oracle vs. Microsoft | Oracle vs. Block 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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