Correlation Between Sichuan Fulin and Bonree Data
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By analyzing existing cross correlation between Sichuan Fulin Transportation and Bonree Data Technology, you can compare the effects of market volatilities on Sichuan Fulin and Bonree Data 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 Sichuan Fulin with a short position of Bonree Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Fulin and Bonree Data.
Diversification Opportunities for Sichuan Fulin and Bonree Data
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sichuan and Bonree is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Fulin Transportation and Bonree Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bonree Data Technology and Sichuan Fulin 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 Sichuan Fulin Transportation are associated (or correlated) with Bonree Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bonree Data Technology has no effect on the direction of Sichuan Fulin i.e., Sichuan Fulin and Bonree Data go up and down completely randomly.
Pair Corralation between Sichuan Fulin and Bonree Data
Assuming the 90 days trading horizon Sichuan Fulin Transportation is expected to generate 0.67 times more return on investment than Bonree Data. However, Sichuan Fulin Transportation is 1.5 times less risky than Bonree Data. It trades about 0.1 of its potential returns per unit of risk. Bonree Data Technology is currently generating about -0.02 per unit of risk. If you would invest 594.00 in Sichuan Fulin Transportation on October 14, 2024 and sell it today you would earn a total of 95.00 from holding Sichuan Fulin Transportation or generate 15.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Fulin Transportation vs. Bonree Data Technology
Performance |
| Timeline |
| Sichuan Fulin Transp |
| Bonree Data Technology |
Sichuan Fulin and Bonree Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Fulin and Bonree Data
The main advantage of trading using opposite Sichuan Fulin and Bonree Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Fulin position performs unexpectedly, Bonree Data 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 Bonree Data will offset losses from the drop in Bonree Data's long position.| Sichuan Fulin vs. Zhongshan Broad Ocean Motor | Sichuan Fulin vs. Xinhua Winshare Publishing | Sichuan Fulin vs. Northern United Publishing | Sichuan Fulin vs. Duzhe Publishing Media |
| Bonree Data vs. Hainan Haiqi Transportation | Bonree Data vs. Sichuan Fulin Transportation | Bonree Data vs. Ningbo Kangqiang Electronics | Bonree Data vs. Success Electronics |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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