Correlation Between Bingo Software and Holitech Technology
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By analyzing existing cross correlation between Bingo Software Co and Holitech Technology Co, you can compare the effects of market volatilities on Bingo Software and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bingo Software and Holitech Technology.
Diversification Opportunities for Bingo Software and Holitech Technology
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bingo and Holitech is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Bingo Software Co and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Bingo Software i.e., Bingo Software and Holitech Technology go up and down completely randomly.
Pair Corralation between Bingo Software and Holitech Technology
Assuming the 90 days trading horizon Bingo Software Co is expected to generate 1.33 times more return on investment than Holitech Technology. However, Bingo Software is 1.33 times more volatile than Holitech Technology Co. It trades about 0.18 of its potential returns per unit of risk. Holitech Technology Co is currently generating about 0.21 per unit of risk. If you would invest 1,475 in Bingo Software Co on October 14, 2024 and sell it today you would earn a total of 925.00 from holding Bingo Software Co or generate 62.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bingo Software Co vs. Holitech Technology Co
Performance |
| Timeline |
| Bingo Software |
| Holitech Technology |
Bingo Software and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bingo Software and Holitech Technology
The main advantage of trading using opposite Bingo Software and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bingo Software position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Bingo Software vs. Great Sun Foods Co | Bingo Software vs. Xinjiang Tianrun Dairy | Bingo Software vs. Hangzhou Guotai Environmental | Bingo Software vs. Ping An Insurance |
| Holitech Technology vs. Northern United Publishing | Holitech Technology vs. Tianjin Hi Tech Development | Holitech Technology vs. Wuhan Yangtze Communication | Holitech Technology vs. Qtone Education Group |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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