Correlation Between Bonree Data and China State
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By analyzing existing cross correlation between Bonree Data Technology and China State Construction, you can compare the effects of market volatilities on Bonree Data and China State 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 China State. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and China State.
Diversification Opportunities for Bonree Data and China State
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bonree and China is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and China State Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China State Construction 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 China State. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China State Construction has no effect on the direction of Bonree Data i.e., Bonree Data and China State go up and down completely randomly.
Pair Corralation between Bonree Data and China State
Assuming the 90 days trading horizon Bonree Data Technology is expected to generate 3.24 times more return on investment than China State. However, Bonree Data is 3.24 times more volatile than China State Construction. It trades about 0.0 of its potential returns per unit of risk. China State Construction is currently generating about -0.11 per unit of risk. If you would invest 4,233 in Bonree Data Technology on November 6, 2024 and sell it today you would lose (313.00) from holding Bonree Data Technology or give up 7.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bonree Data Technology vs. China State Construction
Performance |
| Timeline |
| Bonree Data Technology |
| China State Construction |
Bonree Data and China State Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bonree Data and China State
The main advantage of trading using opposite Bonree Data and China State positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, China State 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 China State will offset losses from the drop in China State's long position.| Bonree Data vs. Invengo Information Technology | Bonree Data vs. Hygon Information Technology | Bonree Data vs. Guangzhou Seagull Kitchen | Bonree Data vs. Jiangsu Financial Leasing |
| China State vs. Olympic Circuit Technology | China State vs. Maxvision Technology Corp | China State vs. Guangdong TianYiMa Information | China State vs. Montage Technology 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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