Correlation Between Bosera CMSK and Guangzhou Haozhi
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By analyzing existing cross correlation between Bosera CMSK Industrial and Guangzhou Haozhi Industrial, you can compare the effects of market volatilities on Bosera CMSK and Guangzhou Haozhi 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 Guangzhou Haozhi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Guangzhou Haozhi.
Diversification Opportunities for Bosera CMSK and Guangzhou Haozhi
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bosera and Guangzhou is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Guangzhou Haozhi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haozhi Ind 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 Guangzhou Haozhi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haozhi Ind has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Guangzhou Haozhi go up and down completely randomly.
Pair Corralation between Bosera CMSK and Guangzhou Haozhi
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to generate 0.27 times more return on investment than Guangzhou Haozhi. However, Bosera CMSK Industrial is 3.75 times less risky than Guangzhou Haozhi. It trades about 0.42 of its potential returns per unit of risk. Guangzhou Haozhi Industrial is currently generating about -0.25 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 Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. Guangzhou Haozhi Industrial
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Guangzhou Haozhi Ind |
Bosera CMSK and Guangzhou Haozhi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Guangzhou Haozhi
The main advantage of trading using opposite Bosera CMSK and Guangzhou Haozhi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Guangzhou Haozhi 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 Guangzhou Haozhi will offset losses from the drop in Guangzhou Haozhi'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 |
| Guangzhou Haozhi vs. Fiberhome Telecommunication Technologies | Guangzhou Haozhi vs. Miracll Chemicals Co | Guangzhou Haozhi vs. Do Fluoride Chemicals Co | Guangzhou Haozhi vs. Aba Chemicals Corp |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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