Correlation Between Bomesc Offshore and Kingclean Electric
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bomesc Offshore Engineering and Kingclean Electric Co, you can compare the effects of market volatilities on Bomesc Offshore and Kingclean Electric 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 Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Kingclean Electric.
Diversification Opportunities for Bomesc Offshore and Kingclean Electric
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bomesc and Kingclean is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric 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 Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Kingclean Electric go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Kingclean Electric
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to generate 1.19 times more return on investment than Kingclean Electric. However, Bomesc Offshore is 1.19 times more volatile than Kingclean Electric Co. It trades about 0.01 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about 0.02 per unit of risk. If you would invest 1,180 in Bomesc Offshore Engineering on August 25, 2024 and sell it today you would earn a total of 11.00 from holding Bomesc Offshore Engineering or generate 0.93% 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. Kingclean Electric Co
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Kingclean Electric |
Bomesc Offshore and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Kingclean Electric
The main advantage of trading using opposite Bomesc Offshore and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Bomesc Offshore vs. Zhejiang Kingland Pipeline | Bomesc Offshore vs. Xiangyang Automobile Bearing | Bomesc Offshore vs. COL Digital Publishing | Bomesc Offshore vs. Suzhou Novoprotein Scientific |
| Kingclean Electric vs. Bomesc Offshore Engineering | Kingclean Electric vs. China World Trade | Kingclean Electric vs. Eastroc Beverage Group | Kingclean Electric vs. Ping An Insurance |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |