Correlation Between Beijing Bashi and Jangho Group
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By analyzing existing cross correlation between Beijing Bashi Media and Jangho Group Co, you can compare the effects of market volatilities on Beijing Bashi and Jangho Group 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 Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and Jangho Group.
Diversification Opportunities for Beijing Bashi and Jangho Group
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Jangho is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi Media and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group 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 Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Beijing Bashi i.e., Beijing Bashi and Jangho Group go up and down completely randomly.
Pair Corralation between Beijing Bashi and Jangho Group
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 1.49 times more return on investment than Jangho Group. However, Beijing Bashi is 1.49 times more volatile than Jangho Group Co. It trades about 0.03 of its potential returns per unit of risk. Jangho Group Co is currently generating about -0.01 per unit of risk. If you would invest 400.00 in Beijing Bashi Media on September 12, 2024 and sell it today you would earn a total of 87.00 from holding Beijing Bashi Media or generate 21.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Beijing Bashi Media vs. Jangho Group Co
Performance |
| Timeline |
| Beijing Bashi Media |
| Jangho Group |
Beijing Bashi and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and Jangho Group
The main advantage of trading using opposite Beijing Bashi and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Beijing Bashi vs. Lutian Machinery Co | Beijing Bashi vs. PetroChina Co Ltd | Beijing Bashi vs. Bank of China | Beijing Bashi vs. Gansu Jiu Steel |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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