Correlation Between Bosera CMSK and Impulse Qingdao
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By analyzing existing cross correlation between Bosera CMSK Industrial and Impulse Qingdao Health, you can compare the effects of market volatilities on Bosera CMSK and Impulse Qingdao 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 Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Impulse Qingdao.
Diversification Opportunities for Bosera CMSK and Impulse Qingdao
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bosera and Impulse is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health 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 Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Impulse Qingdao go up and down completely randomly.
Pair Corralation between Bosera CMSK and Impulse Qingdao
Assuming the 90 days trading horizon Bosera CMSK is expected to generate 1.29 times less return on investment than Impulse Qingdao. But when comparing it to its historical volatility, Bosera CMSK Industrial is 6.25 times less risky than Impulse Qingdao. It trades about 0.39 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 2,192 in Impulse Qingdao Health on October 12, 2024 and sell it today you would earn a total of 153.00 from holding Impulse Qingdao Health or generate 6.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. Impulse Qingdao Health
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Impulse Qingdao Health |
Bosera CMSK and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Impulse Qingdao
The main advantage of trading using opposite Bosera CMSK and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.| Bosera CMSK vs. Rising Nonferrous Metals | Bosera CMSK vs. XinJiang GuoTong Pipeline | Bosera CMSK vs. COL Digital Publishing | Bosera CMSK vs. China Minmetals Rare |
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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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