Correlation Between Bomesc Offshore and Poly Real
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Poly Real Estate, you can compare the effects of market volatilities on Bomesc Offshore and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Poly Real.
Diversification Opportunities for Bomesc Offshore and Poly Real
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bomesc and Poly is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Poly Real go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Poly Real
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to generate 1.05 times more return on investment than Poly Real. However, Bomesc Offshore is 1.05 times more volatile than Poly Real Estate. It trades about 0.01 of its potential returns per unit of risk. Poly Real Estate is currently generating about -0.04 per unit of risk. If you would invest 1,266 in Bomesc Offshore Engineering on November 5, 2024 and sell it today you would lose (28.00) from holding Bomesc Offshore Engineering or give up 2.21% 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. Poly Real Estate
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Poly Real Estate |
Bomesc Offshore and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Poly Real
The main advantage of trading using opposite Bomesc Offshore and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Bomesc Offshore vs. Beijing Mainstreets Investment | Bomesc Offshore vs. Jointo Energy Investment | Bomesc Offshore vs. Queclink Wireless Solutions | Bomesc Offshore vs. Dezhan HealthCare Co |
| Poly Real vs. Fuzhou Rockchip Electronics | Poly Real vs. Techshine Electronics Co | Poly Real vs. Oppein Home Group | Poly Real vs. Weihai Honglin Electronic |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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