Correlation Between BOE Technology and Guangdong Jingyi
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By analyzing existing cross correlation between BOE Technology Group and Guangdong Jingyi Metal, you can compare the effects of market volatilities on BOE Technology and Guangdong Jingyi 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 BOE Technology with a short position of Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of BOE Technology and Guangdong Jingyi.
Diversification Opportunities for BOE Technology and Guangdong Jingyi
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BOE and Guangdong is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding BOE Technology Group and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal and BOE Technology 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 BOE Technology Group are associated (or correlated) with Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of BOE Technology i.e., BOE Technology and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between BOE Technology and Guangdong Jingyi
Assuming the 90 days trading horizon BOE Technology Group is expected to generate 0.56 times more return on investment than Guangdong Jingyi. However, BOE Technology Group is 1.79 times less risky than Guangdong Jingyi. It trades about 0.03 of its potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.02 per unit of risk. If you would invest 379.00 in BOE Technology Group on October 16, 2024 and sell it today you would earn a total of 53.00 from holding BOE Technology Group or generate 13.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BOE Technology Group vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| BOE Technology Group |
| Guangdong Jingyi Metal |
BOE Technology and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BOE Technology and Guangdong Jingyi
The main advantage of trading using opposite BOE Technology and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BOE Technology position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| BOE Technology vs. Guangdong Jingyi Metal | BOE Technology vs. China Reform Health | BOE Technology vs. Everjoy Health Group | BOE Technology vs. Pengxin International Mining |
| Guangdong Jingyi vs. State Grid InformationCommunication | Guangdong Jingyi vs. Quectel Wireless Solutions | Guangdong Jingyi vs. Queclink Wireless Solutions | Guangdong Jingyi vs. Chengdu Xingrong Investment |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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