Correlation Between Bangyan Technology and Guizhou BroadcastingTV
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By analyzing existing cross correlation between Bangyan Technology Co and Guizhou BroadcastingTV Info, you can compare the effects of market volatilities on Bangyan Technology and Guizhou BroadcastingTV 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 Bangyan Technology with a short position of Guizhou BroadcastingTV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bangyan Technology and Guizhou BroadcastingTV.
Diversification Opportunities for Bangyan Technology and Guizhou BroadcastingTV
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bangyan and Guizhou is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Bangyan Technology Co and Guizhou BroadcastingTV Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guizhou BroadcastingTV and Bangyan Technology 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 Bangyan Technology Co are associated (or correlated) with Guizhou BroadcastingTV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guizhou BroadcastingTV has no effect on the direction of Bangyan Technology i.e., Bangyan Technology and Guizhou BroadcastingTV go up and down completely randomly.
Pair Corralation between Bangyan Technology and Guizhou BroadcastingTV
Assuming the 90 days trading horizon Bangyan Technology Co is expected to generate 1.55 times more return on investment than Guizhou BroadcastingTV. However, Bangyan Technology is 1.55 times more volatile than Guizhou BroadcastingTV Info. It trades about 0.1 of its potential returns per unit of risk. Guizhou BroadcastingTV Info is currently generating about 0.05 per unit of risk. If you would invest 1,216 in Bangyan Technology Co on October 18, 2024 and sell it today you would earn a total of 434.00 from holding Bangyan Technology Co or generate 35.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bangyan Technology Co vs. Guizhou BroadcastingTV Info
Performance |
| Timeline |
| Bangyan Technology |
| Guizhou BroadcastingTV |
Bangyan Technology and Guizhou BroadcastingTV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bangyan Technology and Guizhou BroadcastingTV
The main advantage of trading using opposite Bangyan Technology and Guizhou BroadcastingTV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bangyan Technology position performs unexpectedly, Guizhou BroadcastingTV 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 Guizhou BroadcastingTV will offset losses from the drop in Guizhou BroadcastingTV's long position.| Bangyan Technology vs. Shenzhen SDG Information | Bangyan Technology vs. Sino Platinum Metals Co | Bangyan Technology vs. Hainan Mining Co | Bangyan Technology vs. Anhui Tongguan Copper |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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