Correlation Between Bomesc Offshore and Huaxia Fund
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Huaxia Fund Management, you can compare the effects of market volatilities on Bomesc Offshore and Huaxia Fund 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 Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Huaxia Fund.
Diversification Opportunities for Bomesc Offshore and Huaxia Fund
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bomesc and Huaxia is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management 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 Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Huaxia Fund go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Huaxia Fund
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to under-perform the Huaxia Fund. In addition to that, Bomesc Offshore is 2.93 times more volatile than Huaxia Fund Management. It trades about -0.05 of its total potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.03 per unit of volatility. If you would invest 249.00 in Huaxia Fund Management on September 3, 2024 and sell it today you would earn a total of 8.00 from holding Huaxia Fund Management or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bomesc Offshore Engineering vs. Huaxia Fund Management
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Huaxia Fund Management |
Bomesc Offshore and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Huaxia Fund
The main advantage of trading using opposite Bomesc Offshore and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Bomesc Offshore vs. XinJiang GuoTong Pipeline | Bomesc Offshore vs. Tianshan Aluminum Group | Bomesc Offshore vs. Dymatic Chemicals | Bomesc Offshore vs. Western Metal Materials |
| Huaxia Fund vs. Industrial and Commercial | Huaxia Fund vs. Kweichow Moutai Co | Huaxia Fund vs. Agricultural Bank of | Huaxia Fund vs. China Mobile Limited |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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