Correlation Between Beijing Kaiwen and Changchun Engley
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By analyzing existing cross correlation between Beijing Kaiwen Education and Changchun Engley Automobile, you can compare the effects of market volatilities on Beijing Kaiwen and Changchun Engley 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 Beijing Kaiwen with a short position of Changchun Engley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and Changchun Engley.
Diversification Opportunities for Beijing Kaiwen and Changchun Engley
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Changchun is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education and Changchun Engley Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun Engley Aut and Beijing Kaiwen 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 Beijing Kaiwen Education are associated (or correlated) with Changchun Engley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun Engley Aut has no effect on the direction of Beijing Kaiwen i.e., Beijing Kaiwen and Changchun Engley go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and Changchun Engley
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to generate 1.17 times more return on investment than Changchun Engley. However, Beijing Kaiwen is 1.17 times more volatile than Changchun Engley Automobile. It trades about 0.03 of its potential returns per unit of risk. Changchun Engley Automobile is currently generating about 0.0 per unit of risk. If you would invest 465.00 in Beijing Kaiwen Education on September 12, 2024 and sell it today you would earn a total of 84.00 from holding Beijing Kaiwen Education or generate 18.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. Changchun Engley Automobile
Performance |
| Timeline |
| Beijing Kaiwen Education |
| Changchun Engley Aut |
Beijing Kaiwen and Changchun Engley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and Changchun Engley
The main advantage of trading using opposite Beijing Kaiwen and Changchun Engley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen position performs unexpectedly, Changchun Engley 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 Changchun Engley will offset losses from the drop in Changchun Engley's long position.| Beijing Kaiwen vs. Agricultural Bank of | Beijing Kaiwen vs. Industrial and Commercial | Beijing Kaiwen vs. Bank of China | Beijing Kaiwen vs. PetroChina Co Ltd |
| Changchun Engley vs. Changchun Faway Automobile | Changchun Engley vs. Guangzhou Haige Communications | Changchun Engley vs. China Railway Materials | Changchun Engley vs. Advanced Technology Materials |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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