Correlation Between Shenzhen Zhongzhuang and Bus Online
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Zhongzhuang Construction and Bus Online Co, you can compare the effects of market volatilities on Shenzhen Zhongzhuang and Bus Online 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 Shenzhen Zhongzhuang with a short position of Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Zhongzhuang and Bus Online.
Diversification Opportunities for Shenzhen Zhongzhuang and Bus Online
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Bus is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Zhongzhuang Construct and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online and Shenzhen Zhongzhuang 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 Shenzhen Zhongzhuang Construction are associated (or correlated) with Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Shenzhen Zhongzhuang i.e., Shenzhen Zhongzhuang and Bus Online go up and down completely randomly.
Pair Corralation between Shenzhen Zhongzhuang and Bus Online
Assuming the 90 days trading horizon Shenzhen Zhongzhuang Construction is expected to generate 1.0 times more return on investment than Bus Online. However, Shenzhen Zhongzhuang is 1.0 times more volatile than Bus Online Co. It trades about -0.01 of its potential returns per unit of risk. Bus Online Co is currently generating about -0.03 per unit of risk. If you would invest 468.00 in Shenzhen Zhongzhuang Construction on October 13, 2024 and sell it today you would lose (146.00) from holding Shenzhen Zhongzhuang Construction or give up 31.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Zhongzhuang Construct vs. Bus Online Co
Performance |
| Timeline |
| Shenzhen Zhongzhuang |
| Bus Online |
Shenzhen Zhongzhuang and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Zhongzhuang and Bus Online
The main advantage of trading using opposite Shenzhen Zhongzhuang and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Zhongzhuang position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Shenzhen Zhongzhuang vs. Montage Technology Co | Shenzhen Zhongzhuang vs. Linewell Software Co | Shenzhen Zhongzhuang vs. Kuang Chi Technologies | Shenzhen Zhongzhuang vs. Bosera CMSK Industrial |
| Bus Online vs. Haima Automobile Group | Bus Online vs. Shenzhen Zhongzhuang Construction | Bus Online vs. Anhui Jianghuai Automobile | Bus Online vs. Lutian Machinery Co |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |