Correlation Between Xinjiang Baodi and Bingo Software
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Bingo Software Co, you can compare the effects of market volatilities on Xinjiang Baodi 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 Xinjiang Baodi with a short position of Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Bingo Software.
Diversification Opportunities for Xinjiang Baodi and Bingo Software
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and Bingo is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software and Xinjiang Baodi 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 Xinjiang Baodi Mining 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 Xinjiang Baodi i.e., Xinjiang Baodi and Bingo Software go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Bingo Software
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to under-perform the Bingo Software. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Baodi Mining is 1.69 times less risky than Bingo Software. The stock trades about -0.07 of its potential returns per unit of risk. The Bingo Software Co is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 3,207 in Bingo Software Co on October 30, 2024 and sell it today you would lose (306.00) from holding Bingo Software Co or give up 9.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Bingo Software Co
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Bingo Software |
Xinjiang Baodi and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Bingo Software
The main advantage of trading using opposite Xinjiang Baodi and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi 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.| Xinjiang Baodi vs. Haima Automobile Group | Xinjiang Baodi vs. Nuode Investment Co | Xinjiang Baodi vs. Zoje Resources Investment | Xinjiang Baodi vs. Jiangsu Xinri E Vehicle |
| Bingo Software vs. China State Construction | Bingo Software vs. Poly Real Estate | Bingo Software vs. China Vanke Co | Bingo Software vs. China Merchants Shekou |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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