Correlation Between Bosera CMSK and Jinsanjiang Silicon
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By analyzing existing cross correlation between Bosera CMSK Industrial and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Bosera CMSK and Jinsanjiang Silicon 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 Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Jinsanjiang Silicon.
Diversification Opportunities for Bosera CMSK and Jinsanjiang Silicon
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bosera and Jinsanjiang is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon 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 Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Bosera CMSK and Jinsanjiang Silicon
Assuming the 90 days trading horizon Bosera CMSK is expected to generate 1.55 times less return on investment than Jinsanjiang Silicon. But when comparing it to its historical volatility, Bosera CMSK Industrial is 4.21 times less risky than Jinsanjiang Silicon. It trades about 0.14 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 892.00 in Jinsanjiang Silicon Material on October 18, 2024 and sell it today you would earn a total of 156.00 from holding Jinsanjiang Silicon Material or generate 17.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bosera CMSK Industrial vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Jinsanjiang Silicon |
Bosera CMSK and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Jinsanjiang Silicon
The main advantage of trading using opposite Bosera CMSK and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Bosera CMSK vs. Chongqing Changan Automobile | Bosera CMSK vs. Songz Automobile Air | Bosera CMSK vs. China World Trade | Bosera CMSK vs. Shanghai Yanpu Metal |
| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK 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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