Correlation Between Beijing Roborock and ROPEOK Technology
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By analyzing existing cross correlation between Beijing Roborock Technology and ROPEOK Technology Group, you can compare the effects of market volatilities on Beijing Roborock and ROPEOK Technology 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 Beijing Roborock with a short position of ROPEOK Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and ROPEOK Technology.
Diversification Opportunities for Beijing Roborock and ROPEOK Technology
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and ROPEOK is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and ROPEOK Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ROPEOK Technology and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with ROPEOK Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ROPEOK Technology has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and ROPEOK Technology go up and down completely randomly.
Pair Corralation between Beijing Roborock and ROPEOK Technology
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the ROPEOK Technology. In addition to that, Beijing Roborock is 1.09 times more volatile than ROPEOK Technology Group. It trades about -0.01 of its total potential returns per unit of risk. ROPEOK Technology Group is currently generating about 0.16 per unit of volatility. If you would invest 614.00 in ROPEOK Technology Group on September 24, 2024 and sell it today you would earn a total of 281.00 from holding ROPEOK Technology Group or generate 45.77% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Roborock Technology vs. ROPEOK Technology Group
Performance |
Timeline |
Beijing Roborock Tec |
ROPEOK Technology |
Beijing Roborock and ROPEOK Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Roborock and ROPEOK Technology
The main advantage of trading using opposite Beijing Roborock and ROPEOK Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, ROPEOK Technology 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 ROPEOK Technology will offset losses from the drop in ROPEOK Technology's long position.Beijing Roborock vs. Hubei Forbon Technology | Beijing Roborock vs. Zhejiang Kingland Pipeline | Beijing Roborock vs. Soyea Technology Co | Beijing Roborock vs. Jinyu Bio Technology Co |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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