Correlation Between Oneconnect Financial and ANSYS

By analyzing existing cross correlation between Oneconnect Financial Technology and ANSYS Inc, you can compare the effects of market volatilities on Oneconnect Financial and ANSYS 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 ANSYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneconnect Financial and ANSYS.

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Can any of the company-specific risk be diversified away by investing in both Oneconnect Financial and ANSYS 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 ANSYS into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for Oneconnect Financial and ANSYS

0.82
  Correlation Coefficient
Oneconnect Financial
ANSYS Inc

Very poor diversification

The 3 months correlation between Oneconnect and ANSYS is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Oneconnect Financial Technolog and ANSYS Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ANSYS Inc 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 ANSYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANSYS Inc has no effect on the direction of Oneconnect Financial i.e. Oneconnect Financial and ANSYS go up and down completely randomly.

Pair Corralation between Oneconnect Financial and ANSYS

Given the investment horizon of 30 days, Oneconnect Financial Technology is expected to generate 3.56 times more return on investment than ANSYS. However, Oneconnect Financial is 3.56 times more volatile than ANSYS Inc. It trades about 0.26 of its potential returns per unit of risk. ANSYS Inc is currently generating about 0.18 per unit of risk. If you would invest  946.00  in Oneconnect Financial Technology on June 12, 2020 and sell it today you would earn a total of  1,753  from holding Oneconnect Financial Technology or generate 185.31% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Oneconnect Financial Technolog  vs.  ANSYS Inc

 Performance (%) 
      Timeline 
Oneconnect Financial 
1818

Oneconnect Financial Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Oneconnect Financial Technology are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively conflicting essential indicators, Oneconnect Financial unveiled solid returns over the last few months and may actually be approaching a breakup point.
ANSYS Inc 
1212

ANSYS Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ANSYS Inc are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively conflicting forward-looking signals, ANSYS reported solid returns over the last few months and may actually be approaching a breakup point.

Oneconnect Financial and ANSYS Volatility Contrast

 Predicted Return Density 
      Returns 
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