Correlation Between Anhui Tongguan and Bomesc Offshore
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By analyzing existing cross correlation between Anhui Tongguan Copper and Bomesc Offshore Engineering, you can compare the effects of market volatilities on Anhui Tongguan and Bomesc Offshore 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 Anhui Tongguan with a short position of Bomesc Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Tongguan and Bomesc Offshore.
Diversification Opportunities for Anhui Tongguan and Bomesc Offshore
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Bomesc is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper and Bomesc Offshore Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bomesc Offshore Engi and Anhui Tongguan 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 Anhui Tongguan Copper are associated (or correlated) with Bomesc Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bomesc Offshore Engi has no effect on the direction of Anhui Tongguan i.e., Anhui Tongguan and Bomesc Offshore go up and down completely randomly.
Pair Corralation between Anhui Tongguan and Bomesc Offshore
Assuming the 90 days trading horizon Anhui Tongguan Copper is expected to under-perform the Bomesc Offshore. In addition to that, Anhui Tongguan is 1.17 times more volatile than Bomesc Offshore Engineering. It trades about 0.0 of its total potential returns per unit of risk. Bomesc Offshore Engineering is currently generating about 0.01 per unit of volatility. If you would invest 1,227 in Bomesc Offshore Engineering on October 30, 2024 and sell it today you would earn a total of 11.00 from holding Bomesc Offshore Engineering or generate 0.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Tongguan Copper vs. Bomesc Offshore Engineering
Performance |
| Timeline |
| Anhui Tongguan Copper |
| Bomesc Offshore Engi |
Anhui Tongguan and Bomesc Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Tongguan and Bomesc Offshore
The main advantage of trading using opposite Anhui Tongguan and Bomesc Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Tongguan position performs unexpectedly, Bomesc Offshore 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 Bomesc Offshore will offset losses from the drop in Bomesc Offshore's long position.| Anhui Tongguan vs. China Building Material | Anhui Tongguan vs. Hunan TV Broadcast | Anhui Tongguan vs. Sunny Loan Top | Anhui Tongguan vs. Zhengping RoadBridge Constr |
| Bomesc Offshore vs. CITIC Metal Co | Bomesc Offshore vs. Yili Chuanning Biotechnology | Bomesc Offshore vs. Rising Nonferrous Metals | Bomesc Offshore vs. China Aluminum International |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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