Correlation Between Bank of Communications and JS Corrugating
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By analyzing existing cross correlation between Bank of Communications and JS Corrugating Machinery, you can compare the effects of market volatilities on Bank of Communications and JS Corrugating 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 Bank of Communications with a short position of JS Corrugating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Communications and JS Corrugating.
Diversification Opportunities for Bank of Communications and JS Corrugating
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and 000821 is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Communications and JS Corrugating Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Corrugating Machinery and Bank of Communications 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 Bank of Communications are associated (or correlated) with JS Corrugating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Corrugating Machinery has no effect on the direction of Bank of Communications i.e., Bank of Communications and JS Corrugating go up and down completely randomly.
Pair Corralation between Bank of Communications and JS Corrugating
Assuming the 90 days trading horizon Bank of Communications is expected to generate 0.43 times more return on investment than JS Corrugating. However, Bank of Communications is 2.33 times less risky than JS Corrugating. It trades about 0.09 of its potential returns per unit of risk. JS Corrugating Machinery is currently generating about -0.01 per unit of risk. If you would invest 450.00 in Bank of Communications on September 28, 2024 and sell it today you would earn a total of 321.00 from holding Bank of Communications or generate 71.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Communications vs. JS Corrugating Machinery
Performance |
| Timeline |
| Bank of Communications |
| JS Corrugating Machinery |
Bank of Communications and JS Corrugating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Communications and JS Corrugating
The main advantage of trading using opposite Bank of Communications and JS Corrugating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Communications position performs unexpectedly, JS Corrugating 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 JS Corrugating will offset losses from the drop in JS Corrugating's long position.| Bank of Communications vs. Industrial and Commercial | Bank of Communications vs. Kweichow Moutai Co | Bank of Communications vs. Agricultural Bank of | Bank of Communications vs. China Mobile Limited |
| JS Corrugating vs. Bank of China | JS Corrugating vs. Kweichow Moutai Co | JS Corrugating vs. PetroChina Co Ltd | JS Corrugating vs. Bank of Communications |
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.
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