Correlation Between Goodwill E and Beijing Bewinner
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By analyzing existing cross correlation between Goodwill E Health and Beijing Bewinner Communications, you can compare the effects of market volatilities on Goodwill E and Beijing Bewinner 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 Goodwill E with a short position of Beijing Bewinner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodwill E and Beijing Bewinner.
Diversification Opportunities for Goodwill E and Beijing Bewinner
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Goodwill and Beijing is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Goodwill E Health and Beijing Bewinner Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bewinner Com and Goodwill E 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 Goodwill E Health are associated (or correlated) with Beijing Bewinner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bewinner Com has no effect on the direction of Goodwill E i.e., Goodwill E and Beijing Bewinner go up and down completely randomly.
Pair Corralation between Goodwill E and Beijing Bewinner
Assuming the 90 days trading horizon Goodwill E Health is expected to under-perform the Beijing Bewinner. But the stock apears to be less risky and, when comparing its historical volatility, Goodwill E Health is 1.27 times less risky than Beijing Bewinner. The stock trades about -0.16 of its potential returns per unit of risk. The Beijing Bewinner Communications is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 585.00 in Beijing Bewinner Communications on October 16, 2024 and sell it today you would earn a total of 43.00 from holding Beijing Bewinner Communications or generate 7.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodwill E Health vs. Beijing Bewinner Communication
Performance |
| Timeline |
| Goodwill E Health |
| Beijing Bewinner Com |
Goodwill E and Beijing Bewinner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodwill E and Beijing Bewinner
The main advantage of trading using opposite Goodwill E and Beijing Bewinner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodwill E position performs unexpectedly, Beijing Bewinner 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 Beijing Bewinner will offset losses from the drop in Beijing Bewinner's long position.| Goodwill E vs. Beijing Enlight Media | Goodwill E vs. China Publishing Media | Goodwill E vs. Hengdian Entertainment Co | Goodwill E vs. Sportsoul Co Ltd |
| Beijing Bewinner vs. Hygon Information Technology | Beijing Bewinner vs. Emdoor Information Co | Beijing Bewinner vs. Sublime China Information | Beijing Bewinner vs. Goodwill E Health |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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