Correlation Between Orix Corp and Xiaobai Maimai
Can any of the company-specific risk be diversified away by investing in both Orix Corp and Xiaobai Maimai 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 Orix Corp and Xiaobai Maimai into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Orix Corp Ads and Xiaobai Maimai, you can compare the effects of market volatilities on Orix Corp and Xiaobai Maimai 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 Orix Corp with a short position of Xiaobai Maimai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orix Corp and Xiaobai Maimai.
Diversification Opportunities for Orix Corp and Xiaobai Maimai
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Orix and Xiaobai is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Orix Corp Ads and Xiaobai Maimai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiaobai Maimai and Orix Corp 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 Orix Corp Ads are associated (or correlated) with Xiaobai Maimai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiaobai Maimai has no effect on the direction of Orix Corp i.e., Orix Corp and Xiaobai Maimai go up and down completely randomly.
Pair Corralation between Orix Corp and Xiaobai Maimai
If you would invest 8,429 in Orix Corp Ads on January 17, 2024 and sell it today you would earn a total of 2,052 from holding Orix Corp Ads or generate 24.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Orix Corp Ads vs. Xiaobai Maimai
Performance |
| Timeline |
| Orix Corp Ads |
| Xiaobai Maimai |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Orix Corp and Xiaobai Maimai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orix Corp and Xiaobai Maimai
The main advantage of trading using opposite Orix Corp and Xiaobai Maimai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orix Corp position performs unexpectedly, Xiaobai Maimai 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 Xiaobai Maimai will offset losses from the drop in Xiaobai Maimai's long position.| Orix Corp vs. Federal Agricultural Mortgage | Orix Corp vs. Federal Agricultural Mortgage | Orix Corp vs. Atlanticus Holdings Corp | Orix Corp vs. Nelnet Inc |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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