Correlation Between Powerbridge Technologies and Oneconnect Financial
Can any of the company-specific risk be diversified away by investing in both Powerbridge Technologies and Oneconnect Financial 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 Powerbridge Technologies and Oneconnect Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Powerbridge Technologies Co and Oneconnect Financial Technology, you can compare the effects of market volatilities on Powerbridge Technologies and Oneconnect Financial 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 Powerbridge Technologies with a short position of Oneconnect Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Powerbridge Technologies and Oneconnect Financial.
Diversification Opportunities for Powerbridge Technologies and Oneconnect Financial
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Powerbridge and Oneconnect is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Powerbridge Technologies Co and Oneconnect Financial Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oneconnect Financial and Powerbridge Technologies 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 Powerbridge Technologies Co are associated (or correlated) with Oneconnect Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oneconnect Financial has no effect on the direction of Powerbridge Technologies i.e., Powerbridge Technologies and Oneconnect Financial go up and down completely randomly.
Pair Corralation between Powerbridge Technologies and Oneconnect Financial
If you would invest 153.00 in Oneconnect Financial Technology on August 27, 2024 and sell it today you would earn a total of 78.00 from holding Oneconnect Financial Technology or generate 50.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 2.33% |
| Values | Daily Returns |
Powerbridge Technologies Co vs. Oneconnect Financial Technolog
Performance |
| Timeline |
| Powerbridge Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oneconnect Financial |
Powerbridge Technologies and Oneconnect Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Powerbridge Technologies and Oneconnect Financial
The main advantage of trading using opposite Powerbridge Technologies and Oneconnect Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Powerbridge Technologies position performs unexpectedly, Oneconnect Financial 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 Oneconnect Financial will offset losses from the drop in Oneconnect Financial's long position.| Powerbridge Technologies vs. Digital Brands Group | Powerbridge Technologies vs. VERB TECHNOLOGY PANY | Powerbridge Technologies vs. Farmmi Inc |
| Oneconnect Financial vs. Trust Stamp | Oneconnect Financial vs. Amesite Operating Co | Oneconnect Financial vs. My Size | Oneconnect Financial vs. Kingsoft Cloud 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 Stocks Directory module to find actively traded stocks across global markets.
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