Correlation Between Bright Scholar and BPCEGP
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By analyzing existing cross correlation between Bright Scholar Education and BPCEGP 2045 19 OCT 27, you can compare the effects of market volatilities on Bright Scholar and BPCEGP 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 BPCEGP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and BPCEGP.
Diversification Opportunities for Bright Scholar and BPCEGP
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bright and BPCEGP is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and BPCEGP 2045 19 OCT 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BPCEGP 2045 19 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 BPCEGP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BPCEGP 2045 19 has no effect on the direction of Bright Scholar i.e., Bright Scholar and BPCEGP go up and down completely randomly.
Pair Corralation between Bright Scholar and BPCEGP
Given the investment horizon of 90 days Bright Scholar Education is expected to generate 2.3 times more return on investment than BPCEGP. However, Bright Scholar is 2.3 times more volatile than BPCEGP 2045 19 OCT 27. It trades about 0.05 of its potential returns per unit of risk. BPCEGP 2045 19 OCT 27 is currently generating about -0.02 per unit of risk. If you would invest 142.00 in Bright Scholar Education on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Bright Scholar Education or generate 33.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 15.16% |
| Values | Daily Returns |
Bright Scholar Education vs. BPCEGP 2045 19 OCT 27
Performance |
| Timeline |
| Bright Scholar Education |
| BPCEGP 2045 19 |
Bright Scholar and BPCEGP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and BPCEGP
The main advantage of trading using opposite Bright Scholar and BPCEGP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, BPCEGP 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 BPCEGP will offset losses from the drop in BPCEGP's 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 |
| BPCEGP vs. Agnico Eagle Mines | BPCEGP vs. Seadrill Limited | BPCEGP vs. Barrick Gold Corp | BPCEGP vs. Summit Materials |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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