Correlation Between Bus Online and OBiO Technology
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By analyzing existing cross correlation between Bus Online Co and OBiO Technology Corp, you can compare the effects of market volatilities on Bus Online and OBiO Technology 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 OBiO Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and OBiO Technology.
Diversification Opportunities for Bus Online and OBiO Technology
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and OBiO is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and OBiO Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OBiO Technology Corp 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 OBiO Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OBiO Technology Corp has no effect on the direction of Bus Online i.e., Bus Online and OBiO Technology go up and down completely randomly.
Pair Corralation between Bus Online and OBiO Technology
Assuming the 90 days trading horizon Bus Online Co is expected to generate 0.86 times more return on investment than OBiO Technology. However, Bus Online Co is 1.17 times less risky than OBiO Technology. It trades about -0.02 of its potential returns per unit of risk. OBiO Technology Corp is currently generating about -0.05 per unit of risk. If you would invest 806.00 in Bus Online Co on September 3, 2024 and sell it today you would lose (286.00) from holding Bus Online Co or give up 35.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. OBiO Technology Corp
Performance |
| Timeline |
| Bus Online |
| OBiO Technology Corp |
Bus Online and OBiO Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and OBiO Technology
The main advantage of trading using opposite Bus Online and OBiO Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, OBiO Technology 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 OBiO Technology will offset losses from the drop in OBiO Technology's long position.| Bus Online vs. Anhui Transport Consulting | Bus Online vs. Sino Platinum Metals Co | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. China Aluminum International |
| OBiO Technology vs. Gan Yuan Foods | OBiO Technology vs. Jiahe Foods Industry | OBiO Technology vs. JuneYao Dairy Co | OBiO Technology vs. Tongyu Communication |
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 CEOs Directory module to screen CEOs from public companies around the world.
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