Correlation Between Eit Environmental and Bosera CMSK
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By analyzing existing cross correlation between Eit Environmental Development and Bosera CMSK Industrial, you can compare the effects of market volatilities on Eit Environmental and Bosera CMSK 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 Eit Environmental with a short position of Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eit Environmental and Bosera CMSK.
Diversification Opportunities for Eit Environmental and Bosera CMSK
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eit and Bosera is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Eit Environmental Development and Bosera CMSK Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosera CMSK Industrial and Eit Environmental 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 Eit Environmental Development are associated (or correlated) with Bosera CMSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosera CMSK Industrial has no effect on the direction of Eit Environmental i.e., Eit Environmental and Bosera CMSK go up and down completely randomly.
Pair Corralation between Eit Environmental and Bosera CMSK
Assuming the 90 days trading horizon Eit Environmental is expected to generate 2.57 times less return on investment than Bosera CMSK. In addition to that, Eit Environmental is 2.22 times more volatile than Bosera CMSK Industrial. It trades about 0.02 of its total potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.09 per unit of volatility. If you would invest 163.00 in Bosera CMSK Industrial on October 16, 2024 and sell it today you would earn a total of 53.00 from holding Bosera CMSK Industrial or generate 32.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eit Environmental Development vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Eit Environmental |
| Bosera CMSK Industrial |
Eit Environmental and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eit Environmental and Bosera CMSK
The main advantage of trading using opposite Eit Environmental and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eit Environmental position performs unexpectedly, Bosera CMSK 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 Bosera CMSK will offset losses from the drop in Bosera CMSK's long position.| Eit Environmental vs. Guizhou Chanhen Chemical | Eit Environmental vs. Air China Ltd | Eit Environmental vs. MayAir Technology Co | Eit Environmental vs. Jiangsu Yanghe Brewery |
| Bosera CMSK vs. Beijing Sanyuan Foods | Bosera CMSK vs. Servyou Software Group | Bosera CMSK vs. Fujian Anjoy Foods | Bosera CMSK vs. Guotai Epoint Software |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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