Correlation Between Beijing Bashi and Jahen Household
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By analyzing existing cross correlation between Beijing Bashi Media and Jahen Household Products, you can compare the effects of market volatilities on Beijing Bashi and Jahen Household 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 Beijing Bashi with a short position of Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and Jahen Household.
Diversification Opportunities for Beijing Bashi and Jahen Household
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beijing and Jahen is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi Media and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products and Beijing Bashi 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 Beijing Bashi Media are associated (or correlated) with Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Beijing Bashi i.e., Beijing Bashi and Jahen Household go up and down completely randomly.
Pair Corralation between Beijing Bashi and Jahen Household
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 1.01 times more return on investment than Jahen Household. However, Beijing Bashi is 1.01 times more volatile than Jahen Household Products. It trades about 0.04 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.01 per unit of risk. If you would invest 387.00 in Beijing Bashi Media on September 26, 2024 and sell it today you would earn a total of 124.00 from holding Beijing Bashi Media or generate 32.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bashi Media vs. Jahen Household Products
Performance |
| Timeline |
| Beijing Bashi Media |
| Jahen Household Products |
Beijing Bashi and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and Jahen Household
The main advantage of trading using opposite Beijing Bashi and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Beijing Bashi vs. Kweichow Moutai Co | Beijing Bashi vs. NAURA Technology Group | Beijing Bashi vs. Zhejiang Orient Gene | Beijing Bashi vs. APT Medical |
| Jahen Household vs. Shuhua Sports Co | Jahen Household vs. Sportsoul Co Ltd | Jahen Household vs. Beijing Bashi Media | Jahen Household vs. Guilin Seamild Foods |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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