Correlation Between Bomesc Offshore and Bus Online
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Bus Online Co, you can compare the effects of market volatilities on Bomesc Offshore and Bus Online 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 Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Bus Online.
Diversification Opportunities for Bomesc Offshore and Bus Online
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bomesc and Bus is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online 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 Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Bus Online go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Bus Online
Assuming the 90 days trading horizon Bomesc Offshore is expected to generate 1.55 times less return on investment than Bus Online. But when comparing it to its historical volatility, Bomesc Offshore Engineering is 1.29 times less risky than Bus Online. It trades about 0.14 of its potential returns per unit of risk. Bus Online Co is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 505.00 in Bus Online Co on September 13, 2024 and sell it today you would earn a total of 40.00 from holding Bus Online Co or generate 7.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bomesc Offshore Engineering vs. Bus Online Co
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Bus Online |
Bomesc Offshore and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Bus Online
The main advantage of trading using opposite Bomesc Offshore and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Bomesc Offshore vs. Jiangxi Selon Industrial | Bomesc Offshore vs. Tibet Huayu Mining | Bomesc Offshore vs. Nanjing Putian Telecommunications | Bomesc Offshore vs. Wuhan Yangtze Communication |
| Bus Online vs. Haima Automobile Group | Bus Online vs. BTG Hotels Group | Bus Online vs. Dongfeng Automobile Co | Bus Online vs. Changchun Faway Automobile |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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