Correlation Between 360 Security and Bengang Steel
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By analyzing existing cross correlation between 360 Security Technology and Bengang Steel Plates, you can compare the effects of market volatilities on 360 Security and Bengang Steel 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 360 Security with a short position of Bengang Steel. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Bengang Steel.
Diversification Opportunities for 360 Security and Bengang Steel
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 360 and Bengang is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Bengang Steel Plates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bengang Steel Plates and 360 Security 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 360 Security Technology are associated (or correlated) with Bengang Steel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bengang Steel Plates has no effect on the direction of 360 Security i.e., 360 Security and Bengang Steel go up and down completely randomly.
Pair Corralation between 360 Security and Bengang Steel
If you would invest (100.00) in 360 Security Technology on August 31, 2024 and sell it today you would earn a total of 100.00 from holding 360 Security Technology or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
360 Security Technology vs. Bengang Steel Plates
Performance |
| Timeline |
| 360 Security Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Bengang Steel Plates |
360 Security and Bengang Steel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Bengang Steel
The main advantage of trading using opposite 360 Security and Bengang Steel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Bengang Steel 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 Bengang Steel will offset losses from the drop in Bengang Steel's long position.| 360 Security vs. Shenzhen AV Display Co | 360 Security vs. Zhejiang Zhengguang Industrial | 360 Security vs. Huafa Industrial Co | 360 Security vs. Bosera CMSK Industrial |
| Bengang Steel vs. Agricultural Bank of | Bengang Steel vs. 360 Security Technology | Bengang Steel vs. Nancal Energy Saving Tech |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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