Correlation Between Bus Online and Xiangyu Medical
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By analyzing existing cross correlation between Bus Online Co and Xiangyu Medical Co, you can compare the effects of market volatilities on Bus Online and Xiangyu Medical 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 Xiangyu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Xiangyu Medical.
Diversification Opportunities for Bus Online and Xiangyu Medical
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bus and Xiangyu is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Xiangyu Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyu Medical 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 Xiangyu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyu Medical has no effect on the direction of Bus Online i.e., Bus Online and Xiangyu Medical go up and down completely randomly.
Pair Corralation between Bus Online and Xiangyu Medical
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Xiangyu Medical. In addition to that, Bus Online is 1.24 times more volatile than Xiangyu Medical Co. It trades about -0.22 of its total potential returns per unit of risk. Xiangyu Medical Co is currently generating about -0.2 per unit of volatility. If you would invest 3,438 in Xiangyu Medical Co on October 12, 2024 and sell it today you would lose (568.00) from holding Xiangyu Medical Co or give up 16.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Xiangyu Medical Co
Performance |
| Timeline |
| Bus Online |
| Xiangyu Medical |
Bus Online and Xiangyu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Xiangyu Medical
The main advantage of trading using opposite Bus Online and Xiangyu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Xiangyu Medical 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 Xiangyu Medical will offset losses from the drop in Xiangyu Medical's long position.| Bus Online vs. Henan Shuanghui Investment | Bus Online vs. Tieling Newcity Investment | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. Beijing HuaYuanYiTong Thermal |
| Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. Zotye Automobile Co | Xiangyu Medical vs. Bus Online Co | Xiangyu Medical vs. Cultural Investment Holdings |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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