Correlation Between Bank of China and Beijing Mainstreets
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of China and Beijing Mainstreets Investment, you can compare the effects of market volatilities on Bank of China and Beijing Mainstreets 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 China with a short position of Beijing Mainstreets. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Beijing Mainstreets.
Diversification Opportunities for Bank of China and Beijing Mainstreets
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bank and Beijing is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Beijing Mainstreets Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Mainstreets and Bank of China 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 China are associated (or correlated) with Beijing Mainstreets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Mainstreets has no effect on the direction of Bank of China i.e., Bank of China and Beijing Mainstreets go up and down completely randomly.
Pair Corralation between Bank of China and Beijing Mainstreets
Assuming the 90 days trading horizon Bank of China is expected to generate 0.29 times more return on investment than Beijing Mainstreets. However, Bank of China is 3.44 times less risky than Beijing Mainstreets. It trades about 0.08 of its potential returns per unit of risk. Beijing Mainstreets Investment is currently generating about -0.02 per unit of risk. If you would invest 378.00 in Bank of China on November 6, 2024 and sell it today you would earn a total of 167.00 from holding Bank of China or generate 44.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Beijing Mainstreets Investment
Performance |
| Timeline |
| Bank of China |
| Beijing Mainstreets |
Bank of China and Beijing Mainstreets Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Beijing Mainstreets
The main advantage of trading using opposite Bank of China and Beijing Mainstreets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China position performs unexpectedly, Beijing Mainstreets 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 Mainstreets will offset losses from the drop in Beijing Mainstreets' long position.| Bank of China vs. Rising Nonferrous Metals | Bank of China vs. ZYF Lopsking Aluminum | Bank of China vs. Ye Chiu Metal | Bank of China vs. Tongling Nonferrous Metals |
| Beijing Mainstreets vs. Guosheng Financial Holding | Beijing Mainstreets vs. GreenTech Environmental Co | Beijing Mainstreets vs. Fujian Nanwang Environment | Beijing Mainstreets vs. Elite Color Environmental |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |