Correlation Between Poly Real and Bingo Software
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By analyzing existing cross correlation between Poly Real Estate and Bingo Software Co, you can compare the effects of market volatilities on Poly Real and Bingo Software 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 Poly Real with a short position of Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Poly Real and Bingo Software.
Diversification Opportunities for Poly Real and Bingo Software
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Poly and Bingo is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Poly Real Estate and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software and Poly Real 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 Poly Real Estate are associated (or correlated) with Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Poly Real i.e., Poly Real and Bingo Software go up and down completely randomly.
Pair Corralation between Poly Real and Bingo Software
Assuming the 90 days trading horizon Poly Real Estate is expected to under-perform the Bingo Software. But the stock apears to be less risky and, when comparing its historical volatility, Poly Real Estate is 1.65 times less risky than Bingo Software. The stock trades about -0.04 of its potential returns per unit of risk. The Bingo Software Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,474 in Bingo Software Co on November 5, 2024 and sell it today you would earn a total of 427.00 from holding Bingo Software Co or generate 17.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Poly Real Estate vs. Bingo Software Co
Performance |
| Timeline |
| Poly Real Estate |
| Bingo Software |
Poly Real and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Poly Real and Bingo Software
The main advantage of trading using opposite Poly Real and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Poly Real position performs unexpectedly, Bingo Software 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 Bingo Software will offset losses from the drop in Bingo Software's long position.| Poly Real vs. Fuzhou Rockchip Electronics | Poly Real vs. Techshine Electronics Co | Poly Real vs. Oppein Home Group | Poly Real vs. Weihai Honglin Electronic |
| Bingo Software vs. Liuzhou Chemical Industry | Bingo Software vs. Shuhua Sports Co | Bingo Software vs. Guizhou Chanhen Chemical | Bingo Software vs. Hainan Airlines 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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