Correlation Between Bank of Communications and Goodwill E
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By analyzing existing cross correlation between Bank of Communications and Goodwill E Health, you can compare the effects of market volatilities on Bank of Communications and Goodwill E 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 Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Communications and Goodwill E.
Diversification Opportunities for Bank of Communications and Goodwill E
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bank and Goodwill is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Communications and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health 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 Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of Bank of Communications i.e., Bank of Communications and Goodwill E go up and down completely randomly.
Pair Corralation between Bank of Communications and Goodwill E
Assuming the 90 days trading horizon Bank of Communications is expected to generate 0.39 times more return on investment than Goodwill E. However, Bank of Communications is 2.57 times less risky than Goodwill E. It trades about -0.14 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.16 per unit of risk. If you would invest 773.00 in Bank of Communications on October 25, 2024 and sell it today you would lose (33.00) from holding Bank of Communications or give up 4.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Communications vs. Goodwill E Health
Performance |
| Timeline |
| Bank of Communications |
| Goodwill E Health |
Bank of Communications and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Communications and Goodwill E
The main advantage of trading using opposite Bank of Communications and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Communications position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| Bank of Communications vs. Beijing Seeyon Internet | Bank of Communications vs. Tianjin Hi Tech Development | Bank of Communications vs. Shandong Rike Chemical | Bank of Communications vs. Xilong Chemical Co |
| Goodwill E vs. Bank of China | Goodwill E vs. Kweichow Moutai Co | Goodwill E vs. PetroChina Co Ltd | Goodwill E 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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