Correlation Between Beijing Roborock and Guangdong Jinma
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Guangdong Jinma Entertainment, you can compare the effects of market volatilities on Beijing Roborock and Guangdong Jinma 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 Jinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Guangdong Jinma.
Diversification Opportunities for Beijing Roborock and Guangdong Jinma
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Guangdong is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Guangdong Jinma Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jinma Ente 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 Jinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jinma Ente has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Guangdong Jinma go up and down completely randomly.
Pair Corralation between Beijing Roborock and Guangdong Jinma
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Guangdong Jinma. In addition to that, Beijing Roborock is 1.04 times more volatile than Guangdong Jinma Entertainment. It trades about 0.0 of its total potential returns per unit of risk. Guangdong Jinma Entertainment is currently generating about 0.03 per unit of volatility. If you would invest 1,588 in Guangdong Jinma Entertainment on September 4, 2024 and sell it today you would earn a total of 106.00 from holding Guangdong Jinma Entertainment or generate 6.68% 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. Guangdong Jinma Entertainment
Performance |
| Timeline |
| Beijing Roborock Tec |
| Guangdong Jinma Ente |
Beijing Roborock and Guangdong Jinma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Guangdong Jinma
The main advantage of trading using opposite Beijing Roborock and Guangdong Jinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Guangdong Jinma 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 Jinma will offset losses from the drop in Guangdong Jinma's long position.| Beijing Roborock vs. GreenTech Environmental Co | Beijing Roborock vs. Cofoe Medical Technology | Beijing Roborock vs. Shaanxi Meineng Clean | Beijing Roborock vs. Innovative Medical Management |
| Guangdong Jinma vs. BeiGene | Guangdong Jinma vs. Kweichow Moutai Co | Guangdong Jinma vs. Beijing Roborock Technology | Guangdong Jinma vs. G bits Network 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |