Correlation Between Bus Online and Shanghai Yaoji
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By analyzing existing cross correlation between Bus Online Co and Shanghai Yaoji Playing, you can compare the effects of market volatilities on Bus Online and Shanghai Yaoji 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 Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Shanghai Yaoji.
Diversification Opportunities for Bus Online and Shanghai Yaoji
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bus and Shanghai is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing 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 Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of Bus Online i.e., Bus Online and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between Bus Online and Shanghai Yaoji
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Shanghai Yaoji. But the stock apears to be less risky and, when comparing its historical volatility, Bus Online Co is 1.14 times less risky than Shanghai Yaoji. The stock trades about -0.03 of its potential returns per unit of risk. The Shanghai Yaoji Playing is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,421 in Shanghai Yaoji Playing on October 11, 2024 and sell it today you would earn a total of 1,086 from holding Shanghai Yaoji Playing or generate 76.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Shanghai Yaoji Playing
Performance |
| Timeline |
| Bus Online |
| Shanghai Yaoji Playing |
Bus Online and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Shanghai Yaoji
The main advantage of trading using opposite Bus Online and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| Bus Online vs. Henan Shuanghui Investment | Bus Online vs. Tieling Newcity Investment | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. Beijing HuaYuanYiTong Thermal |
| Shanghai Yaoji vs. Luyin Investment Group | Shanghai Yaoji vs. Sportsoul Co Ltd | Shanghai Yaoji vs. Hunan Investment Group | Shanghai Yaoji vs. Bus Online 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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