Correlation Between Bosera CMSK and Rising Nonferrous
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By analyzing existing cross correlation between Bosera CMSK Industrial and Rising Nonferrous Metals, you can compare the effects of market volatilities on Bosera CMSK and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Rising Nonferrous.
Diversification Opportunities for Bosera CMSK and Rising Nonferrous
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bosera and Rising is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Bosera CMSK and Rising Nonferrous
Assuming the 90 days trading horizon Bosera CMSK Industrial is expected to generate 0.36 times more return on investment than Rising Nonferrous. However, Bosera CMSK Industrial is 2.81 times less risky than Rising Nonferrous. It trades about 0.39 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about -0.04 per unit of risk. If you would invest 196.00 in Bosera CMSK Industrial on October 12, 2024 and sell it today you would earn a total of 16.00 from holding Bosera CMSK Industrial or generate 8.16% 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. Rising Nonferrous Metals
Performance |
| Timeline |
| Bosera CMSK Industrial |
| Rising Nonferrous Metals |
Bosera CMSK and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bosera CMSK and Rising Nonferrous
The main advantage of trading using opposite Bosera CMSK and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' 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 |
| Rising Nonferrous vs. Zoy Home Furnishing | Rising Nonferrous vs. Mengtian Home Group | Rising Nonferrous vs. Xiamen Goldenhome Co | Rising Nonferrous vs. Huatian Hotel Group |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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