Correlation Between Bingo Software and Guocheng Mining
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By analyzing existing cross correlation between Bingo Software Co and Guocheng Mining Co, you can compare the effects of market volatilities on Bingo Software and Guocheng Mining 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 Bingo Software with a short position of Guocheng Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bingo Software and Guocheng Mining.
Diversification Opportunities for Bingo Software and Guocheng Mining
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bingo and Guocheng is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Bingo Software Co and Guocheng Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guocheng Mining and Bingo Software 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 Bingo Software Co are associated (or correlated) with Guocheng Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guocheng Mining has no effect on the direction of Bingo Software i.e., Bingo Software and Guocheng Mining go up and down completely randomly.
Pair Corralation between Bingo Software and Guocheng Mining
Assuming the 90 days trading horizon Bingo Software Co is expected to under-perform the Guocheng Mining. But the stock apears to be less risky and, when comparing its historical volatility, Bingo Software Co is 1.1 times less risky than Guocheng Mining. The stock trades about -0.28 of its potential returns per unit of risk. The Guocheng Mining Co is currently generating about -0.21 of returns per unit of risk over similar time horizon. If you would invest 1,451 in Guocheng Mining Co on October 11, 2024 and sell it today you would lose (278.00) from holding Guocheng Mining Co or give up 19.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bingo Software Co vs. Guocheng Mining Co
Performance |
| Timeline |
| Bingo Software |
| Guocheng Mining |
Bingo Software and Guocheng Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bingo Software and Guocheng Mining
The main advantage of trading using opposite Bingo Software and Guocheng Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bingo Software position performs unexpectedly, Guocheng Mining 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 Guocheng Mining will offset losses from the drop in Guocheng Mining's long position.| Bingo Software vs. Meinian Onehealth Healthcare | Bingo Software vs. Impulse Qingdao Health | Bingo Software vs. Jinlong Machinery Electronic | Bingo Software vs. Healthcare Co |
| Guocheng Mining vs. Glodon Software Co | Guocheng Mining vs. Bingo Software Co | Guocheng Mining vs. Beijing Baolande Software | Guocheng Mining vs. Zhengzhou Coal Mining |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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