Correlation Between Gansu Jiu and Bosera CMSK
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By analyzing existing cross correlation between Gansu Jiu Steel and Bosera CMSK Industrial, you can compare the effects of market volatilities on Gansu Jiu 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 Gansu Jiu with a short position of Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and Bosera CMSK.
Diversification Opportunities for Gansu Jiu and Bosera CMSK
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gansu and Bosera is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel 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 Gansu Jiu 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 Gansu Jiu Steel 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 Gansu Jiu i.e., Gansu Jiu and Bosera CMSK go up and down completely randomly.
Pair Corralation between Gansu Jiu and Bosera CMSK
Assuming the 90 days trading horizon Gansu Jiu Steel is expected to under-perform the Bosera CMSK. In addition to that, Gansu Jiu is 1.44 times more volatile than Bosera CMSK Industrial. It trades about -0.07 of its total potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.45 per unit of volatility. If you would invest 206.00 in Bosera CMSK Industrial on November 4, 2024 and sell it today you would earn a total of 18.00 from holding Bosera CMSK Industrial or generate 8.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Gansu Jiu Steel |
| Bosera CMSK Industrial |
Gansu Jiu and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and Bosera CMSK
The main advantage of trading using opposite Gansu Jiu and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu 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.| Gansu Jiu vs. Eyebright Medical Technology | Gansu Jiu vs. FSPG Hi Tech Co | Gansu Jiu vs. Hengkang Medical Group | Gansu Jiu vs. Maxvision Technology Corp |
| Bosera CMSK vs. Beingmate Baby Child | Bosera CMSK vs. Shenzhen Zqgame | Bosera CMSK vs. Yankershop Food Co | Bosera CMSK vs. Suzhou Weizhixiang Food |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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