Correlation Between Bingo Software and Ningbo Fangzheng
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By analyzing existing cross correlation between Bingo Software Co and Ningbo Fangzheng Automobile, you can compare the effects of market volatilities on Bingo Software and Ningbo Fangzheng 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 Ningbo Fangzheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bingo Software and Ningbo Fangzheng.
Diversification Opportunities for Bingo Software and Ningbo Fangzheng
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bingo and Ningbo is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Bingo Software Co and Ningbo Fangzheng Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Fangzheng Aut 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 Ningbo Fangzheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Fangzheng Aut has no effect on the direction of Bingo Software i.e., Bingo Software and Ningbo Fangzheng go up and down completely randomly.
Pair Corralation between Bingo Software and Ningbo Fangzheng
Assuming the 90 days trading horizon Bingo Software Co is expected to generate 1.23 times more return on investment than Ningbo Fangzheng. However, Bingo Software is 1.23 times more volatile than Ningbo Fangzheng Automobile. It trades about 0.02 of its potential returns per unit of risk. Ningbo Fangzheng Automobile is currently generating about -0.03 per unit of risk. If you would invest 2,397 in Bingo Software Co on October 16, 2024 and sell it today you would earn a total of 202.00 from holding Bingo Software Co or generate 8.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bingo Software Co vs. Ningbo Fangzheng Automobile
Performance |
| Timeline |
| Bingo Software |
| Ningbo Fangzheng Aut |
Bingo Software and Ningbo Fangzheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bingo Software and Ningbo Fangzheng
The main advantage of trading using opposite Bingo Software and Ningbo Fangzheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bingo Software position performs unexpectedly, Ningbo Fangzheng 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 Ningbo Fangzheng will offset losses from the drop in Ningbo Fangzheng's long position.| Bingo Software vs. Ningbo Jintian Copper | Bingo Software vs. Pengxin International Mining | Bingo Software vs. Xinjiang Baodi Mining | Bingo Software vs. Time Publishing and |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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