Correlation Between Bus Online and Xinjiang Beixin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bus Online Co and Xinjiang Beixin RoadBridge, you can compare the effects of market volatilities on Bus Online and Xinjiang Beixin 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 Bus Online with a short position of Xinjiang Beixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Xinjiang Beixin.
Diversification Opportunities for Bus Online and Xinjiang Beixin
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bus and Xinjiang is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Xinjiang Beixin RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Beixin Road and Bus Online 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 Bus Online Co are associated (or correlated) with Xinjiang Beixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Beixin Road has no effect on the direction of Bus Online i.e., Bus Online and Xinjiang Beixin go up and down completely randomly.
Pair Corralation between Bus Online and Xinjiang Beixin
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Xinjiang Beixin. In addition to that, Bus Online is 1.35 times more volatile than Xinjiang Beixin RoadBridge. It trades about -0.01 of its total potential returns per unit of risk. Xinjiang Beixin RoadBridge is currently generating about 0.0 per unit of volatility. If you would invest 445.00 in Xinjiang Beixin RoadBridge on September 2, 2024 and sell it today you would lose (30.00) from holding Xinjiang Beixin RoadBridge or give up 6.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Xinjiang Beixin RoadBridge
Performance |
| Timeline |
| Bus Online |
| Xinjiang Beixin Road |
Bus Online and Xinjiang Beixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Xinjiang Beixin
The main advantage of trading using opposite Bus Online and Xinjiang Beixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Xinjiang Beixin 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 Xinjiang Beixin will offset losses from the drop in Xinjiang Beixin's long position.| Bus Online vs. Industrial and Commercial | Bus Online vs. Kweichow Moutai Co | Bus Online vs. Agricultural Bank of | Bus Online vs. China Mobile Limited |
| Xinjiang Beixin vs. 159681 | Xinjiang Beixin vs. 159005 | Xinjiang Beixin vs. Loctek Ergonomic Technology | Xinjiang Beixin vs. 516220 |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |