Correlation Between Bus Online and SG Micro
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By analyzing existing cross correlation between Bus Online Co and SG Micro Corp, you can compare the effects of market volatilities on Bus Online and SG Micro 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 SG Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and SG Micro.
Diversification Opportunities for Bus Online and SG Micro
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bus and 300661 is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and SG Micro Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SG Micro Corp 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 SG Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SG Micro Corp has no effect on the direction of Bus Online i.e., Bus Online and SG Micro go up and down completely randomly.
Pair Corralation between Bus Online and SG Micro
Assuming the 90 days trading horizon Bus Online Co is expected to generate 1.06 times more return on investment than SG Micro. However, Bus Online is 1.06 times more volatile than SG Micro Corp. It trades about -0.01 of its potential returns per unit of risk. SG Micro Corp is currently generating about -0.01 per unit of risk. If you would invest 745.00 in Bus Online Co on September 13, 2024 and sell it today you would lose (200.00) from holding Bus Online Co or give up 26.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. SG Micro Corp
Performance |
| Timeline |
| Bus Online |
| SG Micro Corp |
Bus Online and SG Micro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and SG Micro
The main advantage of trading using opposite Bus Online and SG Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, SG Micro 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 SG Micro will offset losses from the drop in SG Micro's long position.| Bus Online vs. Haima Automobile Group | Bus Online vs. BTG Hotels Group | Bus Online vs. Dongfeng Automobile Co | Bus Online vs. Changchun Faway Automobile |
| SG Micro vs. Xiangyang Automobile Bearing | SG Micro vs. Tianjin Hi Tech Development | SG Micro vs. Guangdong Shenglu Telecommunication | SG Micro vs. Ningbo MedicalSystem Biotechnology |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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