Correlation Between Beijing Bewinner and Offshore Oil
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By analyzing existing cross correlation between Beijing Bewinner Communications and Offshore Oil Engineering, you can compare the effects of market volatilities on Beijing Bewinner and Offshore Oil 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 Offshore Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Offshore Oil.
Diversification Opportunities for Beijing Bewinner and Offshore Oil
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Offshore is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Offshore Oil Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offshore Oil Engineering 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 Offshore Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offshore Oil Engineering has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Offshore Oil go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Offshore Oil
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.54 times more return on investment than Offshore Oil. However, Beijing Bewinner is 1.54 times more volatile than Offshore Oil Engineering. It trades about 0.02 of its potential returns per unit of risk. Offshore Oil Engineering is currently generating about -0.01 per unit of risk. If you would invest 590.00 in Beijing Bewinner Communications on October 14, 2024 and sell it today you would earn a total of 7.00 from holding Beijing Bewinner Communications or generate 1.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Offshore Oil Engineering
Performance |
| Timeline |
| Beijing Bewinner Com |
| Offshore Oil Engineering |
Beijing Bewinner and Offshore Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Offshore Oil
The main advantage of trading using opposite Beijing Bewinner and Offshore Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Offshore Oil 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 Offshore Oil will offset losses from the drop in Offshore Oil's long position.| Beijing Bewinner vs. Kweichow Moutai Co | Beijing Bewinner vs. Shenzhen Mindray Bio Medical | Beijing Bewinner vs. Jiangsu Pacific Quartz | Beijing Bewinner vs. G bits Network Technology |
| Offshore Oil vs. Ye Chiu Metal | Offshore Oil vs. Nanjing Putian Telecommunications | Offshore Oil vs. Beijing Bewinner Communications | Offshore Oil vs. Tongyu Communication |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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