Correlation Between Bonree Data and Shenzhen Glory
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By analyzing existing cross correlation between Bonree Data Technology and Shenzhen Glory Medical, you can compare the effects of market volatilities on Bonree Data and Shenzhen Glory 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 Shenzhen Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and Shenzhen Glory.
Diversification Opportunities for Bonree Data and Shenzhen Glory
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bonree and Shenzhen is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory Medical 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 Shenzhen Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of Bonree Data i.e., Bonree Data and Shenzhen Glory go up and down completely randomly.
Pair Corralation between Bonree Data and Shenzhen Glory
Assuming the 90 days trading horizon Bonree Data Technology is expected to generate 2.07 times more return on investment than Shenzhen Glory. However, Bonree Data is 2.07 times more volatile than Shenzhen Glory Medical. It trades about 0.05 of its potential returns per unit of risk. Shenzhen Glory Medical is currently generating about -0.16 per unit of risk. If you would invest 4,368 in Bonree Data Technology on October 28, 2024 and sell it today you would earn a total of 132.00 from holding Bonree Data Technology or generate 3.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bonree Data Technology vs. Shenzhen Glory Medical
Performance |
| Timeline |
| Bonree Data Technology |
| Shenzhen Glory Medical |
Bonree Data and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bonree Data and Shenzhen Glory
The main advantage of trading using opposite Bonree Data and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, Shenzhen Glory 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 Shenzhen Glory will offset losses from the drop in Shenzhen Glory's long position.| Bonree Data vs. China State Construction | Bonree Data vs. Poly Real Estate | Bonree Data vs. China Vanke Co | Bonree Data vs. China Merchants Shekou |
| Shenzhen Glory vs. China Petroleum Chemical | Shenzhen Glory vs. PetroChina Co Ltd | Shenzhen Glory vs. China State Construction | Shenzhen Glory vs. China Railway 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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