Correlation Between Shanghai Chengdi and Orion Group
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By analyzing existing cross correlation between Shanghai Chengdi Constr and Orion Group Holdings, you can compare the effects of market volatilities on Shanghai Chengdi and Orion Group 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 Shanghai Chengdi with a short position of Orion Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Chengdi and Orion Group.
Diversification Opportunities for Shanghai Chengdi and Orion Group
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shanghai and Orion is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Chengdi Constr and Orion Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orion Group Holdings and Shanghai Chengdi 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 Shanghai Chengdi Constr are associated (or correlated) with Orion Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orion Group Holdings has no effect on the direction of Shanghai Chengdi i.e., Shanghai Chengdi and Orion Group go up and down completely randomly.
Pair Corralation between Shanghai Chengdi and Orion Group
Assuming the 90 days trading horizon Shanghai Chengdi Constr is expected to under-perform the Orion Group. But the stock apears to be less risky and, when comparing its historical volatility, Shanghai Chengdi Constr is 1.86 times less risky than Orion Group. The stock trades about -0.18 of its potential returns per unit of risk. The Orion Group Holdings is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 740.00 in Orion Group Holdings on August 29, 2025 and sell it today you would earn a total of 250.00 from holding Orion Group Holdings or generate 33.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 92.06% |
| Values | Daily Returns |
Shanghai Chengdi Constr vs. Orion Group Holdings
Performance |
| Timeline |
| Shanghai Chengdi Constr |
| Orion Group Holdings |
Shanghai Chengdi and Orion Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Chengdi and Orion Group
The main advantage of trading using opposite Shanghai Chengdi and Orion Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Chengdi position performs unexpectedly, Orion Group 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 Orion Group will offset losses from the drop in Orion Group's long position.| Shanghai Chengdi vs. Ye Chiu Metal | Shanghai Chengdi vs. CITIC Metal Co | Shanghai Chengdi vs. Sichuan Yahua Industrial | Shanghai Chengdi vs. Sunwave Communications 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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