Correlation Between Beijing Roborock and Changchun High
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Changchun High New, you can compare the effects of market volatilities on Beijing Roborock and Changchun High 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 Beijing Roborock with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Changchun High.
Diversification Opportunities for Beijing Roborock and Changchun High
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and Changchun is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Changchun High go up and down completely randomly.
Pair Corralation between Beijing Roborock and Changchun High
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Changchun High. In addition to that, Beijing Roborock is 1.37 times more volatile than Changchun High New. It trades about -0.43 of its total potential returns per unit of risk. Changchun High New is currently generating about -0.03 per unit of volatility. If you would invest 11,159 in Changchun High New on August 27, 2024 and sell it today you would lose (199.00) from holding Changchun High New or give up 1.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Changchun High New
Performance |
| Timeline |
| Beijing Roborock Tec |
| Changchun High New |
Beijing Roborock and Changchun High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Changchun High
The main advantage of trading using opposite Beijing Roborock and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.| Beijing Roborock vs. CGN Nuclear Technology | Beijing Roborock vs. Changjiang Jinggong Steel | Beijing Roborock vs. Lingyuan Iron Steel | Beijing Roborock vs. Bengang Steel Plates |
| Changchun High vs. Lonkey Industrial Co | Changchun High vs. Guangzhou Haozhi Industrial | Changchun High vs. Western Metal Materials | Changchun High vs. Gansu Yasheng Industrial |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |