Correlation Between Bright Scholar and First Citizens
Can any of the company-specific risk be diversified away by investing in both Bright Scholar and First Citizens at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bright Scholar and First Citizens into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bright Scholar Education and The First Citizens, you can compare the effects of market volatilities on Bright Scholar and First Citizens 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 Bright Scholar with a short position of First Citizens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and First Citizens.
Diversification Opportunities for Bright Scholar and First Citizens
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bright and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and The First Citizens in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Citizens and Bright Scholar 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 Bright Scholar Education are associated (or correlated) with First Citizens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Citizens has no effect on the direction of Bright Scholar i.e., Bright Scholar and First Citizens go up and down completely randomly.
Pair Corralation between Bright Scholar and First Citizens
If you would invest 6,540 in The First Citizens on August 29, 2024 and sell it today you would earn a total of 0.00 from holding The First Citizens or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Bright Scholar Education vs. The First Citizens
Performance |
| Timeline |
| Bright Scholar Education |
| First Citizens |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bright Scholar and First Citizens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and First Citizens
The main advantage of trading using opposite Bright Scholar and First Citizens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, First Citizens 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 First Citizens will offset losses from the drop in First Citizens' long position.| Bright Scholar vs. Laureate Education | Bright Scholar vs. China Liberal Education | Bright Scholar vs. Adtalem Global Education | Bright Scholar vs. Grand Canyon Education |
| First Citizens vs. Universal Technical Institute | First Citizens vs. Coursera | First Citizens vs. Bright Scholar Education | First Citizens vs. Udemy Inc |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |