Correlation Between Cofoe Medical and Beijing Roborock
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By analyzing existing cross correlation between Cofoe Medical Technology and Beijing Roborock Technology, you can compare the effects of market volatilities on Cofoe Medical and Beijing Roborock 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 Cofoe Medical with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cofoe Medical and Beijing Roborock.
Diversification Opportunities for Cofoe Medical and Beijing Roborock
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Cofoe and Beijing is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Cofoe Medical Technology and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Cofoe Medical 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 Cofoe Medical Technology are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Cofoe Medical i.e., Cofoe Medical and Beijing Roborock go up and down completely randomly.
Pair Corralation between Cofoe Medical and Beijing Roborock
Assuming the 90 days trading horizon Cofoe Medical is expected to generate 4.26 times less return on investment than Beijing Roborock. But when comparing it to its historical volatility, Cofoe Medical Technology is 1.35 times less risky than Beijing Roborock. It trades about 0.01 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 19,048 in Beijing Roborock Technology on September 5, 2024 and sell it today you would earn a total of 3,206 from holding Beijing Roborock Technology or generate 16.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cofoe Medical Technology vs. Beijing Roborock Technology
Performance |
| Timeline |
| Cofoe Medical Technology |
| Beijing Roborock Tec |
Cofoe Medical and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cofoe Medical and Beijing Roborock
The main advantage of trading using opposite Cofoe Medical and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cofoe Medical position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Cofoe Medical vs. Shenyang Huitian Thermal | Cofoe Medical vs. Chengtun Mining Group | Cofoe Medical vs. Guangdong Jingyi Metal | Cofoe Medical vs. Western Metal Materials |
| Beijing Roborock vs. Soyea Technology Co | Beijing Roborock vs. Henan Shuanghui Investment | Beijing Roborock vs. Tianshui Huatian Technology | Beijing Roborock vs. Zoje Resources Investment |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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