Correlation Between Ucommune International and Ohmyhome Limited
Can any of the company-specific risk be diversified away by investing in both Ucommune International and Ohmyhome Limited 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 Ucommune International and Ohmyhome Limited into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ucommune International and Ohmyhome Limited Ordinary, you can compare the effects of market volatilities on Ucommune International and Ohmyhome Limited 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 Ucommune International with a short position of Ohmyhome Limited. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ucommune International and Ohmyhome Limited.
Diversification Opportunities for Ucommune International and Ohmyhome Limited
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ucommune and Ohmyhome is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ucommune International and Ohmyhome Limited Ordinary in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ohmyhome Limited Ordinary and Ucommune International 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 Ucommune International are associated (or correlated) with Ohmyhome Limited. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ohmyhome Limited Ordinary has no effect on the direction of Ucommune International i.e., Ucommune International and Ohmyhome Limited go up and down completely randomly.
Pair Corralation between Ucommune International and Ohmyhome Limited
Allowing for the 90-day total investment horizon Ucommune International is expected to generate 0.4 times more return on investment than Ohmyhome Limited. However, Ucommune International is 2.49 times less risky than Ohmyhome Limited. It trades about 0.01 of its potential returns per unit of risk. Ohmyhome Limited Ordinary is currently generating about -0.1 per unit of risk. If you would invest 117.00 in Ucommune International on December 27, 2024 and sell it today you would lose (1.00) from holding Ucommune International or give up 0.85% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ucommune International vs. Ohmyhome Limited Ordinary
Performance |
Timeline |
Ucommune International |
Ohmyhome Limited Ordinary |
Ucommune International and Ohmyhome Limited Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ucommune International and Ohmyhome Limited
The main advantage of trading using opposite Ucommune International and Ohmyhome Limited positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ucommune International position performs unexpectedly, Ohmyhome Limited 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 Ohmyhome Limited will offset losses from the drop in Ohmyhome Limited's long position.Ucommune International vs. New Concept Energy | Ucommune International vs. Fangdd Network Group | Ucommune International vs. Jammin Java Corp | Ucommune International vs. Avalon GloboCare Corp |
Ohmyhome Limited vs. Fangdd Network Group | Ohmyhome Limited vs. Ucommune International | Ohmyhome Limited vs. Redfin Corp | Ohmyhome Limited vs. Offerpad Solutions |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |