Correlation Between Beijing Roborock and Ciwen Media
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By analyzing existing cross correlation between Beijing Roborock Technology and Ciwen Media Co, you can compare the effects of market volatilities on Beijing Roborock and Ciwen Media 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 Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Ciwen Media.
Diversification Opportunities for Beijing Roborock and Ciwen Media
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Ciwen is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media 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 Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Ciwen Media go up and down completely randomly.
Pair Corralation between Beijing Roborock and Ciwen Media
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.73 times more return on investment than Ciwen Media. However, Beijing Roborock Technology is 1.38 times less risky than Ciwen Media. It trades about 0.08 of its potential returns per unit of risk. Ciwen Media Co is currently generating about -0.13 per unit of risk. If you would invest 21,450 in Beijing Roborock Technology on October 30, 2024 and sell it today you would earn a total of 1,429 from holding Beijing Roborock Technology or generate 6.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Ciwen Media Co
Performance |
| Timeline |
| Beijing Roborock Tec |
| Ciwen Media |
Beijing Roborock and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Ciwen Media
The main advantage of trading using opposite Beijing Roborock and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| Beijing Roborock vs. Shenzhen MYS Environmental | Beijing Roborock vs. Fujian Nanwang Environment | Beijing Roborock vs. Shandong Iron and | Beijing Roborock vs. Penyao Environmental Protection |
| Ciwen Media vs. Jiangsu Broadcasting Cable | Ciwen Media vs. Anhui Gujing Distillery | Ciwen Media vs. Sichuan Fulin Transportation | Ciwen Media vs. LianChuang Electronic Technology |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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