Correlation Between Oneconnect Financial and SQ Old
Can any of the company-specific risk be diversified away by investing in both Oneconnect Financial and SQ Old 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 Oneconnect Financial and SQ Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oneconnect Financial Technology and SQ Old, you can compare the effects of market volatilities on Oneconnect Financial and SQ Old 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 Oneconnect Financial with a short position of SQ Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneconnect Financial and SQ Old.
Diversification Opportunities for Oneconnect Financial and SQ Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oneconnect and SQ Old is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oneconnect Financial Technolog and SQ Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SQ Old and Oneconnect Financial 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 Oneconnect Financial Technology are associated (or correlated) with SQ Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SQ Old has no effect on the direction of Oneconnect Financial i.e., Oneconnect Financial and SQ Old go up and down completely randomly.
Pair Corralation between Oneconnect Financial and SQ Old
If you would invest 316.00 in Oneconnect Financial Technology on December 3, 2024 and sell it today you would earn a total of 352.00 from holding Oneconnect Financial Technology or generate 111.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Oneconnect Financial Technolog vs. SQ Old
Performance |
Timeline |
Oneconnect Financial |
SQ Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Oneconnect Financial and SQ Old Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Oneconnect Financial and SQ Old
The main advantage of trading using opposite Oneconnect Financial and SQ Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oneconnect Financial position performs unexpectedly, SQ Old 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 SQ Old will offset losses from the drop in SQ Old's long position.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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |