Correlation Between Oslo Exchange and Jinhui Shipping
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oslo Exchange Mutual and Jinhui Shipping and, you can compare the effects of market volatilities on Oslo Exchange and Jinhui Shipping 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 Oslo Exchange with a short position of Jinhui Shipping. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Jinhui Shipping.
Diversification Opportunities for Oslo Exchange and Jinhui Shipping
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oslo and Jinhui is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Jinhui Shipping and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Shipping and Oslo Exchange 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 Oslo Exchange Mutual are associated (or correlated) with Jinhui Shipping. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Shipping has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Jinhui Shipping go up and down completely randomly.
Pair Corralation between Oslo Exchange and Jinhui Shipping
Assuming the 90 days trading horizon Oslo Exchange is expected to generate 84.88 times less return on investment than Jinhui Shipping. But when comparing it to its historical volatility, Oslo Exchange Mutual is 4.52 times less risky than Jinhui Shipping. It trades about 0.01 of its potential returns per unit of risk. Jinhui Shipping and is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 608.00 in Jinhui Shipping and on August 29, 2024 and sell it today you would earn a total of 54.00 from holding Jinhui Shipping and or generate 8.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Jinhui Shipping and
Performance |
| Timeline |
Oslo Exchange and Jinhui Shipping Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Jinhui Shipping and
Pair trading matchups for Jinhui Shipping
Pair Trading with Oslo Exchange and Jinhui Shipping
The main advantage of trading using opposite Oslo Exchange and Jinhui Shipping positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Jinhui Shipping 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 Jinhui Shipping will offset losses from the drop in Jinhui Shipping's long position.| Oslo Exchange vs. Lea Bank ASA | Oslo Exchange vs. Sunndal Sparebank | Oslo Exchange vs. Helgeland Sparebank | Oslo Exchange vs. Odfjell Technology |
| Jinhui Shipping vs. Golden Ocean Group | Jinhui Shipping vs. Frontline | Jinhui Shipping vs. Dampskibsselskabet Norden AS | Jinhui Shipping vs. BW LPG |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |