Correlation Between Bosera CMSK and Qingdao Choho
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By analyzing existing cross correlation between Bosera CMSK Industrial and Qingdao Choho Industrial, you can compare the effects of market volatilities on Bosera CMSK and Qingdao Choho 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 Qingdao Choho. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Qingdao Choho.
Diversification Opportunities for Bosera CMSK and Qingdao Choho
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bosera and Qingdao is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Qingdao Choho Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Choho Industrial 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 Qingdao Choho. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Choho Industrial has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Qingdao Choho go up and down completely randomly.
Pair Corralation between Bosera CMSK and Qingdao Choho
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to generate 0.51 times more return on investment than Qingdao Choho. However, Bosera CMSK Industrial is 1.96 times less risky than Qingdao Choho. It trades about 0.42 of its potential returns per unit of risk. Qingdao Choho Industrial is currently generating about -0.29 per unit of risk. 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 |
Bosera CMSK Industrial vs. Qingdao Choho Industrial
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Qingdao Choho Industrial |
Bosera CMSK and Qingdao Choho Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Qingdao Choho
The main advantage of trading using opposite Bosera CMSK and Qingdao Choho positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Qingdao Choho 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 Qingdao Choho will offset losses from the drop in Qingdao Choho's long position.| Bosera CMSK vs. Jahen Household Products | Bosera CMSK vs. Anhui Shiny Electronic | Bosera CMSK vs. Guangzhou Seagull Kitchen | Bosera CMSK vs. Sinomach Automobile Co |
| Qingdao Choho vs. Bank of Communications | Qingdao Choho vs. TianJin 712 Communication | Qingdao Choho vs. Beijing Mainstreets Investment | Qingdao Choho vs. Kunwu Jiuding Investment |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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