Correlation Between Beijing Bewinner and Songz Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Songz Automobile Air, you can compare the effects of market volatilities on Beijing Bewinner and Songz Automobile 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 Beijing Bewinner with a short position of Songz Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Songz Automobile.
Diversification Opportunities for Beijing Bewinner and Songz Automobile
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Songz is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Songz Automobile Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Songz Automobile Air and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Songz Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Songz Automobile Air has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Songz Automobile go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Songz Automobile
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.28 times more return on investment than Songz Automobile. However, Beijing Bewinner is 1.28 times more volatile than Songz Automobile Air. It trades about 0.02 of its potential returns per unit of risk. Songz Automobile Air is currently generating about 0.01 per unit of risk. If you would invest 554.00 in Beijing Bewinner Communications on September 3, 2024 and sell it today you would earn a total of 80.00 from holding Beijing Bewinner Communications or generate 14.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Songz Automobile Air
Performance |
| Timeline |
| Beijing Bewinner Com |
| Songz Automobile Air |
Beijing Bewinner and Songz Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Songz Automobile
The main advantage of trading using opposite Beijing Bewinner and Songz Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Songz Automobile 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 Songz Automobile will offset losses from the drop in Songz Automobile's long position.| Beijing Bewinner vs. Time Publishing and | Beijing Bewinner vs. Beijing Sanyuan Foods | Beijing Bewinner vs. Northern United Publishing | Beijing Bewinner vs. Anji Foodstuff Co |
| Songz Automobile vs. PetroChina Co Ltd | Songz Automobile vs. China Mobile Limited | Songz Automobile vs. Industrial and Commercial | Songz Automobile vs. China Life Insurance |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |