Correlation Between Bonree Data and Xiamen Bank
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By analyzing existing cross correlation between Bonree Data Technology and Xiamen Bank Co, you can compare the effects of market volatilities on Bonree Data and Xiamen Bank 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 Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and Xiamen Bank.
Diversification Opportunities for Bonree Data and Xiamen Bank
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bonree and Xiamen is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank 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 Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of Bonree Data i.e., Bonree Data and Xiamen Bank go up and down completely randomly.
Pair Corralation between Bonree Data and Xiamen Bank
Assuming the 90 days trading horizon Bonree Data Technology is expected to generate 3.4 times more return on investment than Xiamen Bank. However, Bonree Data is 3.4 times more volatile than Xiamen Bank Co. It trades about 0.02 of its potential returns per unit of risk. Xiamen Bank Co is currently generating about 0.01 per unit of risk. If you would invest 3,789 in Bonree Data Technology on October 14, 2024 and sell it today you would lose (121.00) from holding Bonree Data Technology or give up 3.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bonree Data Technology vs. Xiamen Bank Co
Performance |
| Timeline |
| Bonree Data Technology |
| Xiamen Bank |
Bonree Data and Xiamen Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bonree Data and Xiamen Bank
The main advantage of trading using opposite Bonree Data and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.| Bonree Data vs. Xiamen Bank Co | Bonree Data vs. Guangdong Wens Foodstuff | Bonree Data vs. Peoples Insurance of | Bonree Data vs. Shanghai Ziyan Foods |
| Xiamen Bank vs. JiShi Media Co | Xiamen Bank vs. Zhejiang Qianjiang Motorcycle | Xiamen Bank vs. Guangdong Jinma Entertainment | Xiamen Bank vs. Thinkingdom Media 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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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