Correlation Between Industrial and Beijing Cisri
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By analyzing existing cross correlation between Industrial and Commercial and Beijing Cisri Gaona, you can compare the effects of market volatilities on Industrial and Beijing Cisri 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 Industrial with a short position of Beijing Cisri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and Beijing Cisri.
Diversification Opportunities for Industrial and Beijing Cisri
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Industrial and Beijing is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and Beijing Cisri Gaona in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Cisri Gaona and Industrial 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 Industrial and Commercial are associated (or correlated) with Beijing Cisri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Cisri Gaona has no effect on the direction of Industrial i.e., Industrial and Beijing Cisri go up and down completely randomly.
Pair Corralation between Industrial and Beijing Cisri
Assuming the 90 days trading horizon Industrial and Commercial is expected to generate 0.99 times more return on investment than Beijing Cisri. However, Industrial and Commercial is 1.01 times less risky than Beijing Cisri. It trades about 0.15 of its potential returns per unit of risk. Beijing Cisri Gaona is currently generating about -0.42 per unit of risk. If you would invest 639.00 in Industrial and Commercial on October 14, 2024 and sell it today you would earn a total of 28.00 from holding Industrial and Commercial or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. Beijing Cisri Gaona
Performance |
| Timeline |
| Industrial and Commercial |
| Beijing Cisri Gaona |
Industrial and Beijing Cisri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and Beijing Cisri
The main advantage of trading using opposite Industrial and Beijing Cisri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial position performs unexpectedly, Beijing Cisri 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 Beijing Cisri will offset losses from the drop in Beijing Cisri's long position.| Industrial vs. Huizhou Speed Wireless | Industrial vs. Winner Medical Co | Industrial vs. Quectel Wireless Solutions | Industrial vs. Kontour Medical Technology |
| Beijing Cisri vs. Chengdu Kanghua Biological | Beijing Cisri vs. Beijing Wantai Biological | Beijing Cisri vs. Suzhou Novoprotein Scientific | Beijing Cisri vs. Aluminum Corp of |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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