Correlation Between Beijing Roborock and Guangdong Wens
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Guangdong Wens Foodstuff, you can compare the effects of market volatilities on Beijing Roborock and Guangdong Wens 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 Guangdong Wens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Guangdong Wens.
Diversification Opportunities for Beijing Roborock and Guangdong Wens
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Guangdong is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Guangdong Wens Foodstuff in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Wens Foodstuff 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 Guangdong Wens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Wens Foodstuff has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Guangdong Wens go up and down completely randomly.
Pair Corralation between Beijing Roborock and Guangdong Wens
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Guangdong Wens. In addition to that, Beijing Roborock is 2.31 times more volatile than Guangdong Wens Foodstuff. It trades about -0.05 of its total potential returns per unit of risk. Guangdong Wens Foodstuff is currently generating about -0.06 per unit of volatility. If you would invest 1,631 in Guangdong Wens Foodstuff on November 5, 2024 and sell it today you would lose (18.00) from holding Guangdong Wens Foodstuff or give up 1.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Guangdong Wens Foodstuff
Performance |
| Timeline |
| Beijing Roborock Tec |
| Guangdong Wens Foodstuff |
Beijing Roborock and Guangdong Wens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Guangdong Wens
The main advantage of trading using opposite Beijing Roborock and Guangdong Wens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Guangdong Wens 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 Guangdong Wens will offset losses from the drop in Guangdong Wens' long position.| Beijing Roborock vs. Beijing Enlight Media | Beijing Roborock vs. Jointo Energy Investment | Beijing Roborock vs. Cultural Investment Holdings | Beijing Roborock vs. Chengdu Xingrong Investment |
| Guangdong Wens vs. Zijin Mining Group | Guangdong Wens vs. Zhejiang Yongjin Metal | Guangdong Wens vs. Xinjiang Baodi Mining | Guangdong Wens vs. Shenyang Huitian Thermal |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |