Correlation Between De Rucci and Bengang Steel
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By analyzing existing cross correlation between De Rucci Healthy and Bengang Steel Plates, you can compare the effects of market volatilities on De Rucci and Bengang Steel 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 De Rucci with a short position of Bengang Steel. Check out your portfolio center. Please also check ongoing floating volatility patterns of De Rucci and Bengang Steel.
Diversification Opportunities for De Rucci and Bengang Steel
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 001323 and Bengang is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding De Rucci Healthy and Bengang Steel Plates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bengang Steel Plates and De Rucci 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 De Rucci Healthy are associated (or correlated) with Bengang Steel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bengang Steel Plates has no effect on the direction of De Rucci i.e., De Rucci and Bengang Steel go up and down completely randomly.
Pair Corralation between De Rucci and Bengang Steel
Assuming the 90 days trading horizon De Rucci Healthy is expected to generate 1.09 times more return on investment than Bengang Steel. However, De Rucci is 1.09 times more volatile than Bengang Steel Plates. It trades about 0.07 of its potential returns per unit of risk. Bengang Steel Plates is currently generating about -0.02 per unit of risk. If you would invest 3,749 in De Rucci Healthy on September 5, 2024 and sell it today you would earn a total of 131.00 from holding De Rucci Healthy or generate 3.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
De Rucci Healthy vs. Bengang Steel Plates
Performance |
| Timeline |
| De Rucci Healthy |
| Bengang Steel Plates |
De Rucci and Bengang Steel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with De Rucci and Bengang Steel
The main advantage of trading using opposite De Rucci and Bengang Steel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if De Rucci position performs unexpectedly, Bengang Steel 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 Bengang Steel will offset losses from the drop in Bengang Steel's long position.| De Rucci vs. Semiconductor Manufacturing Electronics | De Rucci vs. Leaguer Shenzhen MicroElectronics | De Rucci vs. Dongguan Tarry Electronics | De Rucci vs. Integrated Electronic Systems |
| Bengang Steel vs. Yunnan Jianzhijia Health Chain | Bengang Steel vs. De Rucci Healthy | Bengang Steel vs. Everjoy Health Group | Bengang Steel vs. Datang HuaYin Electric |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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