Correlation Between BCEG Environmental and Zhongshan Public
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By analyzing existing cross correlation between BCEG Environmental Remediation and Zhongshan Public Utilities, you can compare the effects of market volatilities on BCEG Environmental and Zhongshan Public 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 BCEG Environmental with a short position of Zhongshan Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of BCEG Environmental and Zhongshan Public.
Diversification Opportunities for BCEG Environmental and Zhongshan Public
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between BCEG and Zhongshan is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding BCEG Environmental Remediation and Zhongshan Public Utilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongshan Public Uti and BCEG 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 BCEG Environmental Remediation are associated (or correlated) with Zhongshan Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongshan Public Uti has no effect on the direction of BCEG Environmental i.e., BCEG Environmental and Zhongshan Public go up and down completely randomly.
Pair Corralation between BCEG Environmental and Zhongshan Public
Assuming the 90 days trading horizon BCEG Environmental Remediation is expected to under-perform the Zhongshan Public. In addition to that, BCEG Environmental is 2.12 times more volatile than Zhongshan Public Utilities. It trades about -0.01 of its total potential returns per unit of risk. Zhongshan Public Utilities is currently generating about 0.04 per unit of volatility. If you would invest 731.00 in Zhongshan Public Utilities on August 31, 2024 and sell it today you would earn a total of 160.00 from holding Zhongshan Public Utilities or generate 21.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.72% |
| Values | Daily Returns |
BCEG Environmental Remediation vs. Zhongshan Public Utilities
Performance |
| Timeline |
| BCEG Environmental |
| Zhongshan Public Uti |
BCEG Environmental and Zhongshan Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BCEG Environmental and Zhongshan Public
The main advantage of trading using opposite BCEG Environmental and Zhongshan Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BCEG Environmental position performs unexpectedly, Zhongshan Public 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 Zhongshan Public will offset losses from the drop in Zhongshan Public's long position.| BCEG Environmental vs. Cultural Investment Holdings | BCEG Environmental vs. Gome Telecom Equipment | BCEG Environmental vs. Bus Online Co | BCEG Environmental vs. Holitech Technology Co |
| Zhongshan Public vs. Marssenger Kitchenware Co | Zhongshan Public vs. Huaxia Fund Management | Zhongshan Public vs. Everdisplay Optronics Shanghai | Zhongshan Public vs. Chongqing Brewery Co |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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