Correlation Between Sinofibers Technology and Bingo Software
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By analyzing existing cross correlation between Sinofibers Technology Co and Bingo Software Co, you can compare the effects of market volatilities on Sinofibers Technology and Bingo Software 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 Sinofibers Technology with a short position of Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Bingo Software.
Diversification Opportunities for Sinofibers Technology and Bingo Software
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sinofibers and Bingo is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software and Sinofibers Technology 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 Sinofibers Technology Co are associated (or correlated) with Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and Bingo Software go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Bingo Software
Assuming the 90 days trading horizon Sinofibers Technology is expected to generate 41.42 times less return on investment than Bingo Software. But when comparing it to its historical volatility, Sinofibers Technology Co is 1.6 times less risky than Bingo Software. It trades about 0.01 of its potential returns per unit of risk. Bingo Software Co is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 1,475 in Bingo Software Co on October 14, 2024 and sell it today you would earn a total of 925.00 from holding Bingo Software Co or generate 62.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Bingo Software Co
Performance |
| Timeline |
| Sinofibers Technology |
| Bingo Software |
Sinofibers Technology and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Bingo Software
The main advantage of trading using opposite Sinofibers Technology and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, Bingo Software 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 Bingo Software will offset losses from the drop in Bingo Software's long position.| Sinofibers Technology vs. Zijin Mining Group | Sinofibers Technology vs. Wanhua Chemical Group | Sinofibers Technology vs. Baoshan Iron Steel | Sinofibers Technology vs. Shandong Gold Mining |
| Bingo Software vs. Great Sun Foods Co | Bingo Software vs. Xinjiang Tianrun Dairy | Bingo Software vs. Hangzhou Guotai Environmental | Bingo Software vs. Ping An Insurance |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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