Correlation Between Beijing Roborock and Thinkingdom Media
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By analyzing existing cross correlation between Beijing Roborock Technology and Thinkingdom Media Group, you can compare the effects of market volatilities on Beijing Roborock and Thinkingdom 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Thinkingdom Media.
Diversification Opportunities for Beijing Roborock and Thinkingdom Media
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Thinkingdom is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Beijing Roborock and Thinkingdom Media
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.23 times more return on investment than Thinkingdom Media. However, Beijing Roborock is 1.23 times more volatile than Thinkingdom Media Group. It trades about 0.03 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.02 per unit of risk. If you would invest 18,051 in Beijing Roborock Technology on September 12, 2024 and sell it today you would earn a total of 5,113 from holding Beijing Roborock Technology or generate 28.33% 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. Thinkingdom Media Group
Performance |
| Timeline |
| Beijing Roborock Tec |
| Thinkingdom Media |
Beijing Roborock and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Thinkingdom Media
The main advantage of trading using opposite Beijing Roborock and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Beijing Roborock vs. Agricultural Bank of | Beijing Roborock vs. Industrial and Commercial | Beijing Roborock vs. Bank of China | Beijing Roborock vs. PetroChina Co Ltd |
| Thinkingdom Media vs. Kweichow Moutai Co | Thinkingdom Media vs. Shenzhen Mindray Bio Medical | Thinkingdom Media vs. G bits Network Technology | Thinkingdom Media vs. Beijing Roborock 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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