Correlation Between Guangdong Wens and Bonree Data
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By analyzing existing cross correlation between Guangdong Wens Foodstuff and Bonree Data Technology, you can compare the effects of market volatilities on Guangdong Wens and Bonree Data 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 Guangdong Wens with a short position of Bonree Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Wens and Bonree Data.
Diversification Opportunities for Guangdong Wens and Bonree Data
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guangdong and Bonree is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Wens Foodstuff and Bonree Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bonree Data Technology and Guangdong Wens 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 Guangdong Wens Foodstuff are associated (or correlated) with Bonree Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bonree Data Technology has no effect on the direction of Guangdong Wens i.e., Guangdong Wens and Bonree Data go up and down completely randomly.
Pair Corralation between Guangdong Wens and Bonree Data
Assuming the 90 days trading horizon Guangdong Wens Foodstuff is expected to under-perform the Bonree Data. But the stock apears to be less risky and, when comparing its historical volatility, Guangdong Wens Foodstuff is 2.41 times less risky than Bonree Data. The stock trades about -0.01 of its potential returns per unit of risk. The Bonree Data Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,789 in Bonree Data Technology on October 14, 2024 and sell it today you would lose (121.00) from holding Bonree Data Technology or give up 3.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Wens Foodstuff vs. Bonree Data Technology
Performance |
| Timeline |
| Guangdong Wens Foodstuff |
| Bonree Data Technology |
Guangdong Wens and Bonree Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Wens and Bonree Data
The main advantage of trading using opposite Guangdong Wens and Bonree Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Wens position performs unexpectedly, Bonree Data 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 Bonree Data will offset losses from the drop in Bonree Data's long position.| Guangdong Wens vs. Digiwin Software Co | Guangdong Wens vs. Gansu Huangtai Wine marketing | Guangdong Wens vs. Glodon Software Co | Guangdong Wens vs. Fujian Boss Software |
| Bonree Data vs. Xiamen Bank Co | Bonree Data vs. Guangdong Wens Foodstuff | Bonree Data vs. Peoples Insurance of | Bonree Data vs. Shanghai Ziyan Foods |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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