Correlation Between Offshore Oil and Shanghai Action
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By analyzing existing cross correlation between Offshore Oil Engineering and Shanghai Action Education, you can compare the effects of market volatilities on Offshore Oil and Shanghai Action 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 Offshore Oil with a short position of Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of Offshore Oil and Shanghai Action.
Diversification Opportunities for Offshore Oil and Shanghai Action
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Offshore and Shanghai is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Offshore Oil Engineering and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education and Offshore Oil 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 Offshore Oil Engineering are associated (or correlated) with Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of Offshore Oil i.e., Offshore Oil and Shanghai Action go up and down completely randomly.
Pair Corralation between Offshore Oil and Shanghai Action
Assuming the 90 days trading horizon Offshore Oil Engineering is expected to under-perform the Shanghai Action. But the stock apears to be less risky and, when comparing its historical volatility, Offshore Oil Engineering is 1.3 times less risky than Shanghai Action. The stock trades about -0.01 of its potential returns per unit of risk. The Shanghai Action Education is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,586 in Shanghai Action Education on October 9, 2024 and sell it today you would earn a total of 999.00 from holding Shanghai Action Education or generate 38.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Offshore Oil Engineering vs. Shanghai Action Education
Performance |
Timeline |
Offshore Oil Engineering |
Shanghai Action Education |
Offshore Oil and Shanghai Action Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Offshore Oil and Shanghai Action
The main advantage of trading using opposite Offshore Oil and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Offshore Oil position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action's long position.Offshore Oil vs. Yindu Kitchen Equipment | Offshore Oil vs. Harvest Fund Management | Offshore Oil vs. Cicc Fund Management | Offshore Oil vs. China Asset Management |
Shanghai Action vs. Fiberhome Telecommunication Technologies | Shanghai Action vs. Servyou Software Group | Shanghai Action vs. Eastern Communications Co | Shanghai Action vs. Dareway Software Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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