Correlation Between Bosera CMSK and Qiming Information
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By analyzing existing cross correlation between Bosera CMSK Industrial and Qiming Information Technology, you can compare the effects of market volatilities on Bosera CMSK and Qiming Information 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 Bosera CMSK with a short position of Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Qiming Information.
Diversification Opportunities for Bosera CMSK and Qiming Information
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bosera and Qiming is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information and Bosera CMSK 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 Bosera CMSK Industrial are associated (or correlated) with Qiming Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiming Information has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Qiming Information go up and down completely randomly.
Pair Corralation between Bosera CMSK and Qiming Information
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to generate 0.34 times more return on investment than Qiming Information. However, Bosera CMSK Industrial is 2.94 times less risky than Qiming Information. It trades about 0.34 of its potential returns per unit of risk. Qiming Information Technology is currently generating about -0.13 per unit of risk. If you would invest 205.00 in Bosera CMSK Industrial on October 28, 2024 and sell it today you would earn a total of 16.00 from holding Bosera CMSK Industrial or generate 7.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. Qiming Information Technology
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Qiming Information |
Bosera CMSK and Qiming Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Qiming Information
The main advantage of trading using opposite Bosera CMSK and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Qiming Information 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 Qiming Information will offset losses from the drop in Qiming Information's long position.| Bosera CMSK vs. PetroChina Co Ltd | Bosera CMSK vs. China Mobile Limited | Bosera CMSK vs. CNOOC Limited | Bosera CMSK vs. Ping An Insurance |
| Qiming Information vs. Bank of China | Qiming Information vs. Kweichow Moutai Co | Qiming Information vs. PetroChina Co Ltd | Qiming Information vs. Bank of Communications |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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