Correlation Between Qingdao Choho and Bosera CMSK
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By analyzing existing cross correlation between Qingdao Choho Industrial and Bosera CMSK Industrial, you can compare the effects of market volatilities on Qingdao Choho 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 Qingdao Choho with a short position of Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Choho and Bosera CMSK.
Diversification Opportunities for Qingdao Choho and Bosera CMSK
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Qingdao and Bosera is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Choho Industrial 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 Qingdao Choho 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 Qingdao Choho Industrial 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 Qingdao Choho i.e., Qingdao Choho and Bosera CMSK go up and down completely randomly.
Pair Corralation between Qingdao Choho and Bosera CMSK
Assuming the 90 days trading horizon Qingdao Choho Industrial is expected to under-perform the Bosera CMSK. In addition to that, Qingdao Choho is 1.96 times more volatile than Bosera CMSK Industrial. It trades about -0.29 of its total potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.42 per unit of volatility. If you would invest 199.00 in Bosera CMSK Industrial on October 14, 2024 and sell it today you would earn a total of 18.00 from holding Bosera CMSK Industrial or generate 9.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Choho Industrial vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Qingdao Choho Industrial |
| Bosera CMSK Industrial |
Qingdao Choho and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Choho and Bosera CMSK
The main advantage of trading using opposite Qingdao Choho and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Choho 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.| Qingdao Choho vs. Bank of Communications | Qingdao Choho vs. TianJin 712 Communication | Qingdao Choho vs. Beijing Mainstreets Investment | Qingdao Choho vs. Kunwu Jiuding Investment |
| Bosera CMSK vs. Jahen Household Products | Bosera CMSK vs. Anhui Shiny Electronic | Bosera CMSK vs. Guangzhou Seagull Kitchen | Bosera CMSK vs. Sinomach Automobile 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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