Correlation Between Bank of China and Jiangsu Hoperun
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of China and Jiangsu Hoperun Software, you can compare the effects of market volatilities on Bank of China and Jiangsu Hoperun 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 Jiangsu Hoperun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Jiangsu Hoperun.
Diversification Opportunities for Bank of China and Jiangsu Hoperun
-0.9 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Jiangsu is -0.9. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Jiangsu Hoperun Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Hoperun Software 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 Jiangsu Hoperun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Hoperun Software has no effect on the direction of Bank of China i.e., Bank of China and Jiangsu Hoperun go up and down completely randomly.
Pair Corralation between Bank of China and Jiangsu Hoperun
Assuming the 90 days trading horizon Bank of China is expected to generate 0.34 times more return on investment than Jiangsu Hoperun. However, Bank of China is 2.97 times less risky than Jiangsu Hoperun. It trades about 0.16 of its potential returns per unit of risk. Jiangsu Hoperun Software is currently generating about -0.15 per unit of risk. If you would invest 489.00 in Bank of China on November 6, 2024 and sell it today you would earn a total of 56.00 from holding Bank of China or generate 11.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Jiangsu Hoperun Software
Performance |
| Timeline |
| Bank of China |
| Jiangsu Hoperun Software |
Bank of China and Jiangsu Hoperun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Jiangsu Hoperun
The main advantage of trading using opposite Bank of China and Jiangsu Hoperun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China position performs unexpectedly, Jiangsu Hoperun 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 Jiangsu Hoperun will offset losses from the drop in Jiangsu Hoperun's long position.| Bank of China vs. Fibocom Wireless | Bank of China vs. Nanjing Putian Telecommunications | Bank of China vs. Jilin Jlu Communication | Bank of China vs. Queclink Wireless Solutions |
| Jiangsu Hoperun vs. Jilin Jlu Communication | Jiangsu Hoperun vs. Guangzhou Haige Communications | Jiangsu Hoperun vs. Shenzhen Topway Video | Jiangsu Hoperun vs. Allwin Telecommunication Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |