Correlation Between Bonree Data and Jiangsu Hoperun
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By analyzing existing cross correlation between Bonree Data Technology and Jiangsu Hoperun Software, you can compare the effects of market volatilities on Bonree Data and Jiangsu Hoperun 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 Jiangsu Hoperun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and Jiangsu Hoperun.
Diversification Opportunities for Bonree Data and Jiangsu Hoperun
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bonree and Jiangsu is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and Jiangsu Hoperun Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Hoperun Software 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 Jiangsu Hoperun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Hoperun Software has no effect on the direction of Bonree Data i.e., Bonree Data and Jiangsu Hoperun go up and down completely randomly.
Pair Corralation between Bonree Data and Jiangsu Hoperun
Assuming the 90 days trading horizon Bonree Data Technology is expected to generate 1.42 times more return on investment than Jiangsu Hoperun. However, Bonree Data is 1.42 times more volatile than Jiangsu Hoperun Software. It trades about -0.29 of its potential returns per unit of risk. Jiangsu Hoperun Software is currently generating about -0.5 per unit of risk. If you would invest 4,750 in Bonree Data Technology on October 14, 2024 and sell it today you would lose (1,082) from holding Bonree Data Technology or give up 22.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bonree Data Technology vs. Jiangsu Hoperun Software
Performance |
| Timeline |
| Bonree Data Technology |
| Jiangsu Hoperun Software |
Bonree Data and Jiangsu Hoperun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bonree Data and Jiangsu Hoperun
The main advantage of trading using opposite Bonree Data and Jiangsu Hoperun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, Jiangsu Hoperun 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 Jiangsu Hoperun will offset losses from the drop in Jiangsu Hoperun'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 |
| Jiangsu Hoperun vs. Tianshui Huatian Technology | Jiangsu Hoperun vs. Digiwin Software Co | Jiangsu Hoperun vs. Bonree Data Technology | Jiangsu Hoperun vs. Emdoor Information Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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