Correlation Between Orinko Advanced and Inner Mongolia
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By analyzing existing cross correlation between Orinko Advanced Plastics and Inner Mongolia Furui, you can compare the effects of market volatilities on Orinko Advanced and Inner Mongolia 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 Orinko Advanced with a short position of Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and Inner Mongolia.
Diversification Opportunities for Orinko Advanced and Inner Mongolia
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Orinko and Inner is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics and Inner Mongolia Furui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Furui and Orinko Advanced 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 Orinko Advanced Plastics are associated (or correlated) with Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Furui has no effect on the direction of Orinko Advanced i.e., Orinko Advanced and Inner Mongolia go up and down completely randomly.
Pair Corralation between Orinko Advanced and Inner Mongolia
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 0.87 times more return on investment than Inner Mongolia. However, Orinko Advanced Plastics is 1.15 times less risky than Inner Mongolia. It trades about 0.02 of its potential returns per unit of risk. Inner Mongolia Furui is currently generating about 0.0 per unit of risk. If you would invest 1,083 in Orinko Advanced Plastics on September 24, 2024 and sell it today you would earn a total of 5.00 from holding Orinko Advanced Plastics or generate 0.46% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Orinko Advanced Plastics vs. Inner Mongolia Furui
Performance |
Timeline |
Orinko Advanced Plastics |
Inner Mongolia Furui |
Orinko Advanced and Inner Mongolia Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Orinko Advanced and Inner Mongolia
The main advantage of trading using opposite Orinko Advanced and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.Orinko Advanced vs. Zijin Mining Group | Orinko Advanced vs. Wanhua Chemical Group | Orinko Advanced vs. Baoshan Iron Steel | Orinko Advanced vs. Shandong Gold Mining |
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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