Correlation Between Bus Online and Penghua Shenzhen
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bus Online Co and Penghua Shenzhen Energy, you can compare the effects of market volatilities on Bus Online and Penghua Shenzhen 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 Penghua Shenzhen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Penghua Shenzhen.
Diversification Opportunities for Bus Online and Penghua Shenzhen
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bus and Penghua is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Penghua Shenzhen Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penghua Shenzhen Energy 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 Penghua Shenzhen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penghua Shenzhen Energy has no effect on the direction of Bus Online i.e., Bus Online and Penghua Shenzhen go up and down completely randomly.
Pair Corralation between Bus Online and Penghua Shenzhen
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Penghua Shenzhen. In addition to that, Bus Online is 2.99 times more volatile than Penghua Shenzhen Energy. It trades about -0.01 of its total potential returns per unit of risk. Penghua Shenzhen Energy is currently generating about 0.0 per unit of volatility. If you would invest 621.00 in Penghua Shenzhen Energy on August 25, 2024 and sell it today you would lose (19.00) from holding Penghua Shenzhen Energy or give up 3.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Penghua Shenzhen Energy
Performance |
| Timeline |
| Bus Online |
| Penghua Shenzhen Energy |
Bus Online and Penghua Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Penghua Shenzhen
The main advantage of trading using opposite Bus Online and Penghua Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Penghua Shenzhen 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 Penghua Shenzhen will offset losses from the drop in Penghua Shenzhen's long position.| Bus Online vs. Shenzhen MYS Environmental | Bus Online vs. AVIC Fund Management | Bus Online vs. Shenzhen Bingchuan Network | Bus Online vs. Penghua Shenzhen Energy |
| Penghua Shenzhen vs. Industrial and Commercial | Penghua Shenzhen vs. Kweichow Moutai Co | Penghua Shenzhen vs. Agricultural Bank of | Penghua Shenzhen vs. China Mobile Limited |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |