Correlation Between Beijing Scitop and Vanfund Urban
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By analyzing existing cross correlation between Beijing Scitop Bio and Vanfund Urban Investment, you can compare the effects of market volatilities on Beijing Scitop and Vanfund Urban 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 Scitop with a short position of Vanfund Urban. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Scitop and Vanfund Urban.
Diversification Opportunities for Beijing Scitop and Vanfund Urban
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Vanfund is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Scitop Bio and Vanfund Urban Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vanfund Urban Investment and Beijing Scitop 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 Scitop Bio are associated (or correlated) with Vanfund Urban. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vanfund Urban Investment has no effect on the direction of Beijing Scitop i.e., Beijing Scitop and Vanfund Urban go up and down completely randomly.
Pair Corralation between Beijing Scitop and Vanfund Urban
Assuming the 90 days trading horizon Beijing Scitop Bio is expected to generate 1.12 times more return on investment than Vanfund Urban. However, Beijing Scitop is 1.12 times more volatile than Vanfund Urban Investment. It trades about 0.13 of its potential returns per unit of risk. Vanfund Urban Investment is currently generating about -0.03 per unit of risk. If you would invest 1,603 in Beijing Scitop Bio on September 13, 2024 and sell it today you would earn a total of 129.00 from holding Beijing Scitop Bio or generate 8.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Beijing Scitop Bio vs. Vanfund Urban Investment
Performance |
| Timeline |
| Beijing Scitop Bio |
| Vanfund Urban Investment |
Beijing Scitop and Vanfund Urban Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Scitop and Vanfund Urban
The main advantage of trading using opposite Beijing Scitop and Vanfund Urban positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Scitop position performs unexpectedly, Vanfund Urban 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 Vanfund Urban will offset losses from the drop in Vanfund Urban's long position.| Beijing Scitop vs. Silkroad Visual Technology | Beijing Scitop vs. Fujian Longzhou Transportation | Beijing Scitop vs. Andon Health Co | Beijing Scitop vs. Sanbo Hospital Management |
| Vanfund Urban vs. Ming Yang Smart | Vanfund Urban vs. 159681 | Vanfund Urban vs. 159005 | Vanfund Urban vs. Loctek Ergonomic Technology |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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