Correlation Between Tongyu Communication and Bosera CMSK
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By analyzing existing cross correlation between Tongyu Communication and Bosera CMSK Industrial, you can compare the effects of market volatilities on Tongyu Communication and Bosera CMSK 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 Tongyu Communication with a short position of Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and Bosera CMSK.
Diversification Opportunities for Tongyu Communication and Bosera CMSK
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tongyu and Bosera is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication and Bosera CMSK Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosera CMSK Industrial and Tongyu Communication 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 Tongyu Communication are associated (or correlated) with Bosera CMSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosera CMSK Industrial has no effect on the direction of Tongyu Communication i.e., Tongyu Communication and Bosera CMSK go up and down completely randomly.
Pair Corralation between Tongyu Communication and Bosera CMSK
Assuming the 90 days trading horizon Tongyu Communication is expected to generate 5.13 times more return on investment than Bosera CMSK. However, Tongyu Communication is 5.13 times more volatile than Bosera CMSK Industrial. It trades about 0.07 of its potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.21 per unit of risk. If you would invest 1,214 in Tongyu Communication on October 14, 2024 and sell it today you would earn a total of 173.00 from holding Tongyu Communication or generate 14.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongyu Communication vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Tongyu Communication |
| Bosera CMSK Industrial |
Tongyu Communication and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and Bosera CMSK
The main advantage of trading using opposite Tongyu Communication and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication position performs unexpectedly, Bosera CMSK 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 Bosera CMSK will offset losses from the drop in Bosera CMSK's long position.| Tongyu Communication vs. Haima Automobile Group | Tongyu Communication vs. Allwin Telecommunication Co | Tongyu Communication vs. Suzhou Industrial Park | Tongyu Communication vs. Jonjee Hi tech Industrial |
| Bosera CMSK vs. Shandong Sanyuan Biotechnology | Bosera CMSK vs. Jinhe Biotechnology Co | Bosera CMSK vs. Tongyu Communication | Bosera CMSK vs. Fujian Wanchen Biotechnology |
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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