Correlation Between Bus Online and Chinese Universe
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By analyzing existing cross correlation between Bus Online Co and Chinese Universe Publishing, you can compare the effects of market volatilities on Bus Online and Chinese Universe 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 Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Chinese Universe.
Diversification Opportunities for Bus Online and Chinese Universe
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bus and Chinese is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub 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 Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Bus Online i.e., Bus Online and Chinese Universe go up and down completely randomly.
Pair Corralation between Bus Online and Chinese Universe
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Chinese Universe. In addition to that, Bus Online is 1.08 times more volatile than Chinese Universe Publishing. It trades about -0.02 of its total potential returns per unit of risk. Chinese Universe Publishing is currently generating about 0.03 per unit of volatility. If you would invest 961.00 in Chinese Universe Publishing on November 5, 2024 and sell it today you would earn a total of 237.00 from holding Chinese Universe Publishing or generate 24.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Chinese Universe Publishing
Performance |
| Timeline |
| Bus Online |
| Chinese Universe Pub |
Bus Online and Chinese Universe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Chinese Universe
The main advantage of trading using opposite Bus Online and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.| Bus Online vs. Lotus Health Group | Bus Online vs. Fibocom Wireless | Bus Online vs. Healthcare Co | Bus Online vs. Beijing Kingsoft Office |
| Chinese Universe vs. China Sports Industry | Chinese Universe vs. Agricultural Bank of | Chinese Universe vs. China Everbright Bank | Chinese Universe vs. Heilongjiang Transport Development |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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