Correlation Between OCINV and Xunlei
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By analyzing existing cross correlation between OCINV 67 16 MAR 33 and Xunlei Ltd Adr, you can compare the effects of market volatilities on OCINV and Xunlei 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 OCINV with a short position of Xunlei. Check out your portfolio center. Please also check ongoing floating volatility patterns of OCINV and Xunlei.
Diversification Opportunities for OCINV and Xunlei
Excellent diversification
The 3 months correlation between OCINV and Xunlei is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding OCINV 67 16 MAR 33 and Xunlei Ltd Adr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xunlei Ltd Adr and OCINV 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 OCINV 67 16 MAR 33 are associated (or correlated) with Xunlei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xunlei Ltd Adr has no effect on the direction of OCINV i.e., OCINV and Xunlei go up and down completely randomly.
Pair Corralation between OCINV and Xunlei
Assuming the 90 days trading horizon OCINV 67 16 MAR 33 is expected to under-perform the Xunlei. But the bond apears to be less risky and, when comparing its historical volatility, OCINV 67 16 MAR 33 is 5.63 times less risky than Xunlei. The bond trades about 0.0 of its potential returns per unit of risk. The Xunlei Ltd Adr is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 153.00 in Xunlei Ltd Adr on September 2, 2024 and sell it today you would earn a total of 45.00 from holding Xunlei Ltd Adr or generate 29.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.52% |
| Values | Daily Returns |
OCINV 67 16 MAR 33 vs. Xunlei Ltd Adr
Performance |
| Timeline |
| OCINV 67 16 |
| Xunlei Ltd Adr |
OCINV and Xunlei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OCINV and Xunlei
The main advantage of trading using opposite OCINV and Xunlei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OCINV position performs unexpectedly, Xunlei 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 Xunlei will offset losses from the drop in Xunlei's long position.| OCINV vs. Western Sierra Mining | OCINV vs. Chester Mining | OCINV vs. Harmony Gold Mining | OCINV vs. Asure Software |
| Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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