Correlation Between Bonree Data and Jilin Chemical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bonree Data Technology and Jilin Chemical Fibre, you can compare the effects of market volatilities on Bonree Data and Jilin Chemical 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 Bonree Data with a short position of Jilin Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and Jilin Chemical.
Diversification Opportunities for Bonree Data and Jilin Chemical
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bonree and Jilin is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and Jilin Chemical Fibre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Chemical Fibre and Bonree Data 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 Bonree Data Technology are associated (or correlated) with Jilin Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Chemical Fibre has no effect on the direction of Bonree Data i.e., Bonree Data and Jilin Chemical go up and down completely randomly.
Pair Corralation between Bonree Data and Jilin Chemical
Assuming the 90 days trading horizon Bonree Data is expected to generate 1.53 times less return on investment than Jilin Chemical. In addition to that, Bonree Data is 1.45 times more volatile than Jilin Chemical Fibre. It trades about 0.01 of its total potential returns per unit of risk. Jilin Chemical Fibre is currently generating about 0.03 per unit of volatility. If you would invest 293.00 in Jilin Chemical Fibre on October 14, 2024 and sell it today you would earn a total of 35.00 from holding Jilin Chemical Fibre or generate 11.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bonree Data Technology vs. Jilin Chemical Fibre
Performance |
| Timeline |
| Bonree Data Technology |
| Jilin Chemical Fibre |
Bonree Data and Jilin Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bonree Data and Jilin Chemical
The main advantage of trading using opposite Bonree Data and Jilin Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, Jilin Chemical 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 Jilin Chemical will offset losses from the drop in Jilin Chemical's long position.| Bonree Data vs. Hainan Haiqi Transportation | Bonree Data vs. Sichuan Fulin Transportation | Bonree Data vs. Ningbo Kangqiang Electronics | Bonree Data vs. Success Electronics |
| Jilin Chemical vs. Dezhan HealthCare Co | Jilin Chemical vs. Healthcare Co | Jilin Chemical vs. Shanghai Rongtai Health | Jilin Chemical vs. Iat Automobile 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |