Correlation Between Pengxin International and BOE Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pengxin International Mining and BOE Technology Group, you can compare the effects of market volatilities on Pengxin International and BOE Technology 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 Pengxin International with a short position of BOE Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and BOE Technology.
Diversification Opportunities for Pengxin International and BOE Technology
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pengxin and BOE is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and BOE Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOE Technology Group and Pengxin International 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 Pengxin International Mining are associated (or correlated) with BOE Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOE Technology Group has no effect on the direction of Pengxin International i.e., Pengxin International and BOE Technology go up and down completely randomly.
Pair Corralation between Pengxin International and BOE Technology
Assuming the 90 days trading horizon Pengxin International is expected to generate 1.14 times less return on investment than BOE Technology. In addition to that, Pengxin International is 1.82 times more volatile than BOE Technology Group. It trades about 0.01 of its total potential returns per unit of risk. BOE Technology Group is currently generating about 0.02 per unit of volatility. If you would invest 390.00 in BOE Technology Group on October 30, 2024 and sell it today you would earn a total of 56.00 from holding BOE Technology Group or generate 14.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Pengxin International Mining vs. BOE Technology Group
Performance |
| Timeline |
| Pengxin International |
| BOE Technology Group |
Pengxin International and BOE Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and BOE Technology
The main advantage of trading using opposite Pengxin International and BOE Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, BOE Technology 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 BOE Technology will offset losses from the drop in BOE Technology's long position.| Pengxin International vs. Beijing Kaiwen Education | Pengxin International vs. COL Digital Publishing | Pengxin International vs. Allied Machinery Co | Pengxin International vs. Qijing Machinery |
| BOE Technology vs. Chengdu Kanghua Biological | BOE Technology vs. Suzhou Novoprotein Scientific | BOE Technology vs. Aluminum Corp of | BOE Technology vs. COL Digital Publishing |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |