Correlation Between Bus Online and King Strong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bus Online Co and King Strong New Material, you can compare the effects of market volatilities on Bus Online and King Strong 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 King Strong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and King Strong.
Diversification Opportunities for Bus Online and King Strong
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and King is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and King Strong New Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on King Strong New 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 King Strong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of King Strong New has no effect on the direction of Bus Online i.e., Bus Online and King Strong go up and down completely randomly.
Pair Corralation between Bus Online and King Strong
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the King Strong. In addition to that, Bus Online is 1.04 times more volatile than King Strong New Material. It trades about 0.0 of its total potential returns per unit of risk. King Strong New Material is currently generating about 0.02 per unit of volatility. If you would invest 2,123 in King Strong New Material on September 3, 2024 and sell it today you would earn a total of 257.00 from holding King Strong New Material or generate 12.11% 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. King Strong New Material
Performance |
| Timeline |
| Bus Online |
| King Strong New |
Bus Online and King Strong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and King Strong
The main advantage of trading using opposite Bus Online and King Strong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, King Strong 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 King Strong will offset losses from the drop in King Strong's long position.| Bus Online vs. Anhui Transport Consulting | Bus Online vs. Sino Platinum Metals Co | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. China Aluminum International |
| King Strong vs. Cultural Investment Holdings | King Strong vs. Gome Telecom Equipment | King Strong vs. Bus Online Co | King Strong vs. Holitech Technology 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |