Correlation Between Bus Online and Changjiang Publishing
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By analyzing existing cross correlation between Bus Online Co and Changjiang Publishing Media, you can compare the effects of market volatilities on Bus Online and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Changjiang Publishing.
Diversification Opportunities for Bus Online and Changjiang Publishing
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bus and Changjiang is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of Bus Online i.e., Bus Online and Changjiang Publishing go up and down completely randomly.
Pair Corralation between Bus Online and Changjiang Publishing
Assuming the 90 days trading horizon Bus Online Co is expected to generate 1.56 times more return on investment than Changjiang Publishing. However, Bus Online is 1.56 times more volatile than Changjiang Publishing Media. It trades about 0.16 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about -0.04 per unit of risk. If you would invest 404.00 in Bus Online Co on November 5, 2024 and sell it today you would earn a total of 29.00 from holding Bus Online Co or generate 7.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Changjiang Publishing Media
Performance |
| Timeline |
| Bus Online |
| Changjiang Publishing |
Bus Online and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Changjiang Publishing
The main advantage of trading using opposite Bus Online and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing'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 |
| Changjiang Publishing vs. Jiajia Food Group | Changjiang Publishing vs. Zhengzhou Coal Mining | Changjiang Publishing vs. Xinjiang Baodi Mining | Changjiang Publishing vs. Sichuan Yahua Industrial |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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