Correlation Between Miracll Chemicals and BTG Hotels
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By analyzing existing cross correlation between Miracll Chemicals Co and BTG Hotels Group, you can compare the effects of market volatilities on Miracll Chemicals and BTG Hotels 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 Miracll Chemicals with a short position of BTG Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Miracll Chemicals and BTG Hotels.
Diversification Opportunities for Miracll Chemicals and BTG Hotels
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Miracll and BTG is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Miracll Chemicals Co and BTG Hotels Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BTG Hotels Group and Miracll Chemicals 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 Miracll Chemicals Co are associated (or correlated) with BTG Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTG Hotels Group has no effect on the direction of Miracll Chemicals i.e., Miracll Chemicals and BTG Hotels go up and down completely randomly.
Pair Corralation between Miracll Chemicals and BTG Hotels
Assuming the 90 days trading horizon Miracll Chemicals is expected to generate 3.54 times less return on investment than BTG Hotels. In addition to that, Miracll Chemicals is 1.46 times more volatile than BTG Hotels Group. It trades about 0.01 of its total potential returns per unit of risk. BTG Hotels Group is currently generating about 0.07 per unit of volatility. If you would invest 1,261 in BTG Hotels Group on September 27, 2024 and sell it today you would earn a total of 232.00 from holding BTG Hotels Group or generate 18.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Miracll Chemicals Co vs. BTG Hotels Group
Performance |
| Timeline |
| Miracll Chemicals |
| BTG Hotels Group |
Miracll Chemicals and BTG Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Miracll Chemicals and BTG Hotels
The main advantage of trading using opposite Miracll Chemicals and BTG Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Miracll Chemicals position performs unexpectedly, BTG Hotels 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 BTG Hotels will offset losses from the drop in BTG Hotels' long position.| Miracll Chemicals vs. Guangzhou Boji Medical | Miracll Chemicals vs. GKHT Medical Technology | Miracll Chemicals vs. Shantou Wanshun Package | Miracll Chemicals vs. Xiangyu Medical Co |
| BTG Hotels vs. Bank of China | BTG Hotels vs. Kweichow Moutai Co | BTG Hotels vs. PetroChina Co Ltd | BTG Hotels 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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