Correlation Between Bomesc Offshore and Thinkon Semiconductor
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By analyzing existing cross correlation between Bomesc Offshore Engineering and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Bomesc Offshore and Thinkon Semiconductor 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 Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Thinkon Semiconductor.
Diversification Opportunities for Bomesc Offshore and Thinkon Semiconductor
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bomesc and Thinkon is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor 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 Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Thinkon Semiconductor
Assuming the 90 days trading horizon Bomesc Offshore Engineering is expected to generate 0.81 times more return on investment than Thinkon Semiconductor. However, Bomesc Offshore Engineering is 1.24 times less risky than Thinkon Semiconductor. It trades about 0.22 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about 0.06 per unit of risk. If you would invest 1,154 in Bomesc Offshore Engineering on November 3, 2024 and sell it today you would earn a total of 84.00 from holding Bomesc Offshore Engineering or generate 7.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bomesc Offshore Engineering vs. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Bomesc Offshore Engi |
| Thinkon Semiconductor |
Bomesc Offshore and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomesc Offshore and Thinkon Semiconductor
The main advantage of trading using opposite Bomesc Offshore and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Thinkon Semiconductor 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Bomesc Offshore vs. Lianhe Chemical Technology | Bomesc Offshore vs. Senci Electric Machinery | Bomesc Offshore vs. Tjk Machinery Tianjin | Bomesc Offshore vs. Shandong Rike Chemical |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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