Correlation Between Bingo Software and Zhejiang JIULI
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By analyzing existing cross correlation between Bingo Software Co and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Bingo Software and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bingo Software and Zhejiang JIULI.
Diversification Opportunities for Bingo Software and Zhejiang JIULI
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bingo and Zhejiang is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Bingo Software Co and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Bingo Software i.e., Bingo Software and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Bingo Software and Zhejiang JIULI
Assuming the 90 days trading horizon Bingo Software Co is expected to generate 2.33 times more return on investment than Zhejiang JIULI. However, Bingo Software is 2.33 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.2 of its potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.09 per unit of risk. If you would invest 1,059 in Bingo Software Co on November 3, 2024 and sell it today you would earn a total of 1,842 from holding Bingo Software Co or generate 173.94% 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. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Bingo Software |
| Zhejiang JIULI Hi |
Bingo Software and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bingo Software and Zhejiang JIULI
The main advantage of trading using opposite Bingo Software and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bingo Software position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Bingo Software vs. Xinjiang Baodi Mining | Bingo Software vs. Tibet Huayu Mining | Bingo Software vs. Jinhui Mining Co | Bingo Software vs. Sinofibers Technology Co |
| Zhejiang JIULI vs. Qingdao Choho Industrial | Zhejiang JIULI vs. Zhengzhou Coal Mining | Zhejiang JIULI vs. 360 Security Technology | Zhejiang JIULI vs. Ningbo Fujia Industrial |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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