Correlation Between China Asset and Bosera CMSK
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By analyzing existing cross correlation between China Asset Management and Bosera CMSK Industrial, you can compare the effects of market volatilities on China Asset and Bosera CMSK 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 China Asset with a short position of Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Asset and Bosera CMSK.
Diversification Opportunities for China Asset and Bosera CMSK
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Bosera is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding China Asset Management and Bosera CMSK Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosera CMSK Industrial and China Asset 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 China Asset Management are associated (or correlated) with Bosera CMSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosera CMSK Industrial has no effect on the direction of China Asset i.e., China Asset and Bosera CMSK go up and down completely randomly.
Pair Corralation between China Asset and Bosera CMSK
Assuming the 90 days trading horizon China Asset Management is expected to generate 0.89 times more return on investment than Bosera CMSK. However, China Asset Management is 1.12 times less risky than Bosera CMSK. It trades about 0.57 of its potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.38 per unit of risk. If you would invest 353.00 in China Asset Management on October 25, 2024 and sell it today you would earn a total of 44.00 from holding China Asset Management or generate 12.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Asset Management vs. Bosera CMSK Industrial
Performance |
| Timeline |
| China Asset Management |
| Bosera CMSK Industrial |
China Asset and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Asset and Bosera CMSK
The main advantage of trading using opposite China Asset and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Asset position performs unexpectedly, Bosera CMSK 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 Bosera CMSK will offset losses from the drop in Bosera CMSK's long position.| China Asset vs. Industrial and Commercial | China Asset vs. Kweichow Moutai Co | China Asset vs. Agricultural Bank of | China Asset vs. China Mobile Limited |
| Bosera CMSK vs. Gansu Jiu Steel | Bosera CMSK vs. Ming Yang Smart | Bosera CMSK vs. Aba Chemicals Corp | Bosera CMSK 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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