Correlation Between Beijing Roborock and Inly Media
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By analyzing existing cross correlation between Beijing Roborock Technology and Inly Media Co, you can compare the effects of market volatilities on Beijing Roborock and Inly 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 Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Inly Media.
Diversification Opportunities for Beijing Roborock and Inly Media
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Inly is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly 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 Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Inly Media go up and down completely randomly.
Pair Corralation between Beijing Roborock and Inly Media
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 8.49 times less return on investment than Inly Media. But when comparing it to its historical volatility, Beijing Roborock Technology is 1.21 times less risky than Inly Media. It trades about 0.01 of its potential returns per unit of risk. Inly Media Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 954.00 in Inly Media Co on September 12, 2024 and sell it today you would earn a total of 859.00 from holding Inly Media Co or generate 90.04% 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. Inly Media Co
Performance |
| Timeline |
| Beijing Roborock Tec |
| Inly Media |
Beijing Roborock and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Inly Media
The main advantage of trading using opposite Beijing Roborock and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Inly 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 Inly Media will offset losses from the drop in Inly 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 |
| Inly Media vs. Kweichow Moutai Co | Inly Media vs. Shenzhen Mindray Bio Medical | Inly Media vs. G bits Network Technology | Inly 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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