Correlation Between Bus Online and Bank of Jiangsu
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By analyzing existing cross correlation between Bus Online Co and Bank of Jiangsu, you can compare the effects of market volatilities on Bus Online and Bank of Jiangsu 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 Bank of Jiangsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Bank of Jiangsu.
Diversification Opportunities for Bus Online and Bank of Jiangsu
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bus and Bank is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Bank of Jiangsu in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Jiangsu 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 Bank of Jiangsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Jiangsu has no effect on the direction of Bus Online i.e., Bus Online and Bank of Jiangsu go up and down completely randomly.
Pair Corralation between Bus Online and Bank of Jiangsu
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Bank of Jiangsu. In addition to that, Bus Online is 2.48 times more volatile than Bank of Jiangsu. It trades about 0.0 of its total potential returns per unit of risk. Bank of Jiangsu is currently generating about 0.06 per unit of volatility. If you would invest 699.00 in Bank of Jiangsu on August 27, 2024 and sell it today you would earn a total of 187.00 from holding Bank of Jiangsu or generate 26.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Bank of Jiangsu
Performance |
| Timeline |
| Bus Online |
| Bank of Jiangsu |
Bus Online and Bank of Jiangsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Bank of Jiangsu
The main advantage of trading using opposite Bus Online and Bank of Jiangsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Bank of Jiangsu 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 Bank of Jiangsu will offset losses from the drop in Bank of Jiangsu's long position.| Bus Online vs. Shenzhen MYS Environmental | Bus Online vs. AVIC Fund Management | Bus Online vs. Shenzhen Bingchuan Network | Bus Online vs. Penghua Shenzhen Energy |
| Bank of Jiangsu vs. North Huajin Chemical | Bank of Jiangsu vs. Jiajia Food Group | Bank of Jiangsu vs. Milkyway Chemical Supply | Bank of Jiangsu vs. Nantong Jiangshan Agrochemical |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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