Correlation Between Bonree Data and Dow Jones
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bonree Data Technology and Dow Jones Industrial, you can compare the effects of market volatilities on Bonree Data and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bonree Data and Dow Jones.
Diversification Opportunities for Bonree Data and Dow Jones
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bonree and Dow is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Bonree Data Technology and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Bonree Data i.e., Bonree Data and Dow Jones go up and down completely randomly.
Pair Corralation between Bonree Data and Dow Jones
Assuming the 90 days trading horizon Bonree Data Technology is expected to generate 6.12 times more return on investment than Dow Jones. However, Bonree Data is 6.12 times more volatile than Dow Jones Industrial. It trades about 0.05 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.22 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 | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Bonree Data Technology vs. Dow Jones Industrial
Performance |
| Timeline |
Bonree Data and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Bonree Data Technology
Pair trading matchups for Bonree Data
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Bonree Data and Dow Jones
The main advantage of trading using opposite Bonree Data and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bonree Data position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' 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 |
| Dow Jones vs. Turning Point Brands | Dow Jones vs. Weyco Group | Dow Jones vs. Willamette Valley Vineyards | Dow Jones vs. Compania Cervecerias Unidas |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stocks Directory Find actively traded stocks across global markets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |