Correlation Between Bus Online and Sichuan Fulin
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By analyzing existing cross correlation between Bus Online Co and Sichuan Fulin Transportation, you can compare the effects of market volatilities on Bus Online and Sichuan Fulin 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 Sichuan Fulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Sichuan Fulin.
Diversification Opportunities for Bus Online and Sichuan Fulin
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Sichuan is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Sichuan Fulin Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Fulin Transp 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 Sichuan Fulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Fulin Transp has no effect on the direction of Bus Online i.e., Bus Online and Sichuan Fulin go up and down completely randomly.
Pair Corralation between Bus Online and Sichuan Fulin
Assuming the 90 days trading horizon Bus Online is expected to generate 2.38 times less return on investment than Sichuan Fulin. In addition to that, Bus Online is 1.14 times more volatile than Sichuan Fulin Transportation. It trades about 0.15 of its total potential returns per unit of risk. Sichuan Fulin Transportation is currently generating about 0.4 per unit of volatility. If you would invest 594.00 in Sichuan Fulin Transportation on September 2, 2024 and sell it today you would earn a total of 109.00 from holding Sichuan Fulin Transportation or generate 18.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Sichuan Fulin Transportation
Performance |
| Timeline |
| Bus Online |
| Sichuan Fulin Transp |
Bus Online and Sichuan Fulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Sichuan Fulin
The main advantage of trading using opposite Bus Online and Sichuan Fulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Sichuan Fulin 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 Sichuan Fulin will offset losses from the drop in Sichuan Fulin'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 |
| Sichuan Fulin vs. Liaoning Chengda Biotechnology | Sichuan Fulin vs. Guangdong Marubi Biotechnology | Sichuan Fulin vs. Jiangxi Naipu Mining | Sichuan Fulin vs. Western Mining Co |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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