Correlation Between Beijing Enlight and Goodwill E
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By analyzing existing cross correlation between Beijing Enlight Media and Goodwill E Health, you can compare the effects of market volatilities on Beijing Enlight and Goodwill E 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 Beijing Enlight with a short position of Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and Goodwill E.
Diversification Opportunities for Beijing Enlight and Goodwill E
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and Goodwill is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health and Beijing Enlight 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 Beijing Enlight Media are associated (or correlated) with Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of Beijing Enlight i.e., Beijing Enlight and Goodwill E go up and down completely randomly.
Pair Corralation between Beijing Enlight and Goodwill E
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 0.55 times more return on investment than Goodwill E. However, Beijing Enlight Media is 1.82 times less risky than Goodwill E. It trades about 0.03 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.08 per unit of risk. If you would invest 943.00 in Beijing Enlight Media on October 30, 2024 and sell it today you would earn a total of 10.00 from holding Beijing Enlight Media or generate 1.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. Goodwill E Health
Performance |
| Timeline |
| Beijing Enlight Media |
| Goodwill E Health |
Beijing Enlight and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and Goodwill E
The main advantage of trading using opposite Beijing Enlight and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| Beijing Enlight vs. China State Construction | Beijing Enlight vs. Poly Real Estate | Beijing Enlight vs. China Vanke Co | Beijing Enlight vs. China Merchants Shekou |
| Goodwill E vs. Bank of China | Goodwill E vs. Kweichow Moutai Co | Goodwill E vs. PetroChina Co Ltd | Goodwill E vs. Bank of Communications |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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