Correlation Between Bus Online and Hang Xiao
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bus Online Co and Hang Xiao Steel, you can compare the effects of market volatilities on Bus Online and Hang Xiao 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 Hang Xiao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Hang Xiao.
Diversification Opportunities for Bus Online and Hang Xiao
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Hang is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Hang Xiao Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hang Xiao Steel 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 Hang Xiao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hang Xiao Steel has no effect on the direction of Bus Online i.e., Bus Online and Hang Xiao go up and down completely randomly.
Pair Corralation between Bus Online and Hang Xiao
Assuming the 90 days trading horizon Bus Online Co is expected to generate 1.02 times more return on investment than Hang Xiao. However, Bus Online is 1.02 times more volatile than Hang Xiao Steel. It trades about 0.19 of its potential returns per unit of risk. Hang Xiao Steel is currently generating about 0.06 per unit of risk. If you would invest 475.00 in Bus Online Co on September 4, 2024 and sell it today you would earn a total of 45.00 from holding Bus Online Co or generate 9.47% 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. Hang Xiao Steel
Performance |
| Timeline |
| Bus Online |
| Hang Xiao Steel |
Bus Online and Hang Xiao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Hang Xiao
The main advantage of trading using opposite Bus Online and Hang Xiao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Hang Xiao 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 Hang Xiao will offset losses from the drop in Hang Xiao's long position.| Bus Online vs. Industrial and Commercial | Bus Online vs. China Construction Bank | Bus Online vs. Bank of China | Bus Online vs. Agricultural Bank of |
| Hang Xiao vs. Sichuan Fulin Transportation | Hang Xiao vs. Miracll Chemicals Co | Hang Xiao vs. Huaxia Fund Management | Hang Xiao vs. Shaanxi Meineng Clean |
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.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |