Correlation Between Bosera CMSK and Dook Media
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By analyzing existing cross correlation between Bosera CMSK Industrial and Dook Media Group, you can compare the effects of market volatilities on Bosera CMSK and Dook Media 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 Dook Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Dook Media.
Diversification Opportunities for Bosera CMSK and Dook Media
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bosera and Dook is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Dook Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dook Media Group 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 Dook Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dook Media Group has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Dook Media go up and down completely randomly.
Pair Corralation between Bosera CMSK and Dook Media
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to under-perform the Dook Media. But the stock apears to be less risky and, when comparing its historical volatility, Bosera CMSK Industrial is 3.66 times less risky than Dook Media. The stock trades about -0.04 of its potential returns per unit of risk. The Dook Media Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,026 in Dook Media Group on September 28, 2024 and sell it today you would lose (23.00) from holding Dook Media Group or give up 2.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. Dook Media Group
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Dook Media Group |
Bosera CMSK and Dook Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Dook Media
The main advantage of trading using opposite Bosera CMSK and Dook Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Dook Media 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 Dook Media will offset losses from the drop in Dook Media's long position.| Bosera CMSK vs. Industrial and Commercial | Bosera CMSK vs. China Construction Bank | Bosera CMSK vs. Agricultural Bank of | Bosera CMSK vs. Bank of China |
| Dook Media vs. Beijing Kaiwen Education | Dook Media vs. Bosera CMSK Industrial | Dook Media vs. Rongcheer Industrial Technology | Dook Media vs. Universal Scientific Industrial |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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