Correlation Between Bus Online and Chongqing Sulian
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By analyzing existing cross correlation between Bus Online Co and Chongqing Sulian Plastic, you can compare the effects of market volatilities on Bus Online and Chongqing Sulian 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 Chongqing Sulian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Chongqing Sulian.
Diversification Opportunities for Bus Online and Chongqing Sulian
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Chongqing is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Chongqing Sulian Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Sulian Plastic 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 Chongqing Sulian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Sulian Plastic has no effect on the direction of Bus Online i.e., Bus Online and Chongqing Sulian go up and down completely randomly.
Pair Corralation between Bus Online and Chongqing Sulian
Assuming the 90 days trading horizon Bus Online is expected to generate 1.22 times less return on investment than Chongqing Sulian. But when comparing it to its historical volatility, Bus Online Co is 1.91 times less risky than Chongqing Sulian. It trades about 0.19 of its potential returns per unit of risk. Chongqing Sulian Plastic is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,581 in Chongqing Sulian Plastic on September 5, 2024 and sell it today you would earn a total of 269.00 from holding Chongqing Sulian Plastic or generate 10.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Bus Online Co vs. Chongqing Sulian Plastic
Performance |
| Timeline |
| Bus Online |
| Chongqing Sulian Plastic |
Bus Online and Chongqing Sulian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Chongqing Sulian
The main advantage of trading using opposite Bus Online and Chongqing Sulian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Chongqing Sulian 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 Chongqing Sulian will offset losses from the drop in Chongqing Sulian's long position.| Bus Online vs. Caihong Display Devices | Bus Online vs. Bomesc Offshore Engineering | Bus Online vs. AVIC Fund Management | Bus Online vs. Lander Sports Development |
| Chongqing Sulian vs. Cultural Investment Holdings | Chongqing Sulian vs. Gome Telecom Equipment | Chongqing Sulian vs. Bus Online Co | Chongqing Sulian 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 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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