Correlation Between Bus Online and Keda Clean
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By analyzing existing cross correlation between Bus Online Co and Keda Clean Energy, you can compare the effects of market volatilities on Bus Online and Keda Clean 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 Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Keda Clean.
Diversification Opportunities for Bus Online and Keda Clean
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Keda is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy 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 Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Bus Online i.e., Bus Online and Keda Clean go up and down completely randomly.
Pair Corralation between Bus Online and Keda Clean
Assuming the 90 days trading horizon Bus Online Co is expected to generate 1.15 times more return on investment than Keda Clean. However, Bus Online is 1.15 times more volatile than Keda Clean Energy. It trades about 0.13 of its potential returns per unit of risk. Keda Clean Energy is currently generating about 0.06 per unit of risk. If you would invest 470.00 in Bus Online Co on August 31, 2024 and sell it today you would earn a total of 30.00 from holding Bus Online Co or generate 6.38% 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. Keda Clean Energy
Performance |
| Timeline |
| Bus Online |
| Keda Clean Energy |
Bus Online and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Keda Clean
The main advantage of trading using opposite Bus Online and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| Bus Online vs. Xinjiang Baodi Mining | Bus Online vs. Innovative Medical Management | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. Lonkey Industrial Co |
| Keda Clean vs. Cultural Investment Holdings | Keda Clean vs. Gome Telecom Equipment | Keda Clean vs. Bus Online Co | Keda Clean 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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