Correlation Between Bus Online and Wuhan Yangtze
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By analyzing existing cross correlation between Bus Online Co and Wuhan Yangtze Communication, you can compare the effects of market volatilities on Bus Online and Wuhan Yangtze 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 Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Wuhan Yangtze.
Diversification Opportunities for Bus Online and Wuhan Yangtze
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bus and Wuhan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun 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 Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of Bus Online i.e., Bus Online and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between Bus Online and Wuhan Yangtze
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Wuhan Yangtze. In addition to that, Bus Online is 1.01 times more volatile than Wuhan Yangtze Communication. It trades about -0.18 of its total potential returns per unit of risk. Wuhan Yangtze Communication is currently generating about 0.01 per unit of volatility. If you would invest 2,414 in Wuhan Yangtze Communication on October 28, 2024 and sell it today you would lose (7.00) from holding Wuhan Yangtze Communication or give up 0.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Wuhan Yangtze Communication
Performance |
| Timeline |
| Bus Online |
| Wuhan Yangtze Commun |
Bus Online and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Wuhan Yangtze
The main advantage of trading using opposite Bus Online and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Wuhan Yangtze 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 Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze's long position.| Bus Online vs. Holitech Technology Co | Bus Online vs. Gome Telecom Equipment | Bus Online vs. Cultural Investment Holdings | Bus Online vs. Danhua Chemical Technology |
| Wuhan Yangtze vs. Bus Online Co | Wuhan Yangtze vs. Holitech Technology Co | Wuhan Yangtze vs. Gome Telecom Equipment | Wuhan Yangtze vs. Cultural Investment Holdings |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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