Correlation Between Wasu Media and Bus Online
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By analyzing existing cross correlation between Wasu Media Holding and Bus Online Co, you can compare the effects of market volatilities on Wasu Media and Bus Online 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 Wasu Media with a short position of Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wasu Media and Bus Online.
Diversification Opportunities for Wasu Media and Bus Online
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wasu and Bus is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Wasu Media Holding and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online and Wasu Media 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 Wasu Media Holding are associated (or correlated) with Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Wasu Media i.e., Wasu Media and Bus Online go up and down completely randomly.
Pair Corralation between Wasu Media and Bus Online
Assuming the 90 days trading horizon Wasu Media Holding is expected to generate 0.76 times more return on investment than Bus Online. However, Wasu Media Holding is 1.32 times less risky than Bus Online. It trades about 0.07 of its potential returns per unit of risk. Bus Online Co is currently generating about 0.04 per unit of risk. If you would invest 622.00 in Wasu Media Holding on November 2, 2024 and sell it today you would earn a total of 97.00 from holding Wasu Media Holding or generate 15.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wasu Media Holding vs. Bus Online Co
Performance |
| Timeline |
| Wasu Media Holding |
| Bus Online |
Wasu Media and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wasu Media and Bus Online
The main advantage of trading using opposite Wasu Media and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wasu Media position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Wasu Media vs. GuoChuang Software Co | Wasu Media vs. Xinhua Winshare Publishing | Wasu Media vs. Offcn Education Technology | Wasu Media vs. Qtone Education Group |
| Bus Online vs. Guangzhou KDT Machinery | Bus Online vs. Tederic Machinery Co | Bus Online vs. Ciwen Media Co | Bus Online vs. Zhejiang Yinlun Machinery |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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