Correlation Between Bomesc Offshore and Wasu Media
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Wasu Media Holding, you can compare the effects of market volatilities on Bomesc Offshore and Wasu Media 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 Bomesc Offshore with a short position of Wasu Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Wasu Media.
Diversification Opportunities for Bomesc Offshore and Wasu Media
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bomesc and Wasu is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Wasu Media Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wasu Media Holding and Bomesc Offshore 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 Bomesc Offshore Engineering are associated (or correlated) with Wasu Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wasu Media Holding has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Wasu Media go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Wasu Media
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to generate 0.92 times more return on investment than Wasu Media. However, Bomesc Offshore Engineering is 1.09 times less risky than Wasu Media. It trades about 0.0 of its potential returns per unit of risk. Wasu Media Holding is currently generating about -0.2 per unit of risk. If you would invest 1,175 in Bomesc Offshore Engineering on October 24, 2024 and sell it today you would lose (5.00) from holding Bomesc Offshore Engineering or give up 0.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bomesc Offshore Engineering vs. Wasu Media Holding
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Wasu Media Holding |
Bomesc Offshore and Wasu Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Wasu Media
The main advantage of trading using opposite Bomesc Offshore and Wasu Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Wasu Media 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 Wasu Media will offset losses from the drop in Wasu Media's long position.| Bomesc Offshore vs. Shanghai Broadband Technology | Bomesc Offshore vs. Shaanxi Broadcast TV | Bomesc Offshore vs. JCHX Mining Management | Bomesc Offshore vs. China Asset Management |
| Wasu Media vs. Bomesc Offshore Engineering | Wasu Media vs. Offshore Oil Engineering | Wasu Media vs. Weihai Honglin Electronic | Wasu Media vs. Changchun UP Optotech |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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