Correlation Between Bomesc Offshore and Chongqing Road
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Chongqing Road Bridge, you can compare the effects of market volatilities on Bomesc Offshore and Chongqing Road 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 Chongqing Road. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Chongqing Road.
Diversification Opportunities for Bomesc Offshore and Chongqing Road
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bomesc and Chongqing is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Chongqing Road Bridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Road Bridge 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 Chongqing Road. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Road Bridge has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Chongqing Road go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Chongqing Road
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to generate 0.39 times more return on investment than Chongqing Road. However, Bomesc Offshore Engineering is 2.55 times less risky than Chongqing Road. It trades about -0.1 of its potential returns per unit of risk. Chongqing Road Bridge is currently generating about -0.1 per unit of risk. If you would invest 1,200 in Bomesc Offshore Engineering on September 27, 2024 and sell it today you would lose (45.00) from holding Bomesc Offshore Engineering or give up 3.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Bomesc Offshore Engineering vs. Chongqing Road Bridge
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Chongqing Road Bridge |
Bomesc Offshore and Chongqing Road Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Chongqing Road
The main advantage of trading using opposite Bomesc Offshore and Chongqing Road positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Chongqing Road 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 Chongqing Road will offset losses from the drop in Chongqing Road's long position.| Bomesc Offshore vs. Zhejiang Kingland Pipeline | Bomesc Offshore vs. BeiGene | Bomesc Offshore vs. Easyhome New Retail | Bomesc Offshore vs. ZTE Corp |
| Chongqing Road vs. Linewell Software Co | Chongqing Road vs. Bank of Communications | Chongqing Road vs. Bomesc Offshore Engineering | Chongqing Road vs. Tongyu Communication |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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