Correlation Between Bright Scholar and GENERAL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bright Scholar Education and GENERAL ELEC CAP, you can compare the effects of market volatilities on Bright Scholar and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and GENERAL.
Diversification Opportunities for Bright Scholar and GENERAL
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bright and GENERAL is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Bright Scholar i.e., Bright Scholar and GENERAL go up and down completely randomly.
Pair Corralation between Bright Scholar and GENERAL
Given the investment horizon of 90 days Bright Scholar Education is expected to generate 3.03 times more return on investment than GENERAL. However, Bright Scholar is 3.03 times more volatile than GENERAL ELEC CAP. It trades about 0.0 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.68 per unit of risk. If you would invest 186.00 in Bright Scholar Education on August 28, 2024 and sell it today you would lose (1.00) from holding Bright Scholar Education or give up 0.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 31.58% |
| Values | Daily Returns |
Bright Scholar Education vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Bright Scholar Education |
| GENERAL ELEC CAP |
Bright Scholar and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and GENERAL
The main advantage of trading using opposite Bright Scholar and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Bright Scholar vs. American Public Education | Bright Scholar vs. Lincoln Educational Services | Bright Scholar vs. Adtalem Global Education |
| GENERAL vs. Pinterest | GENERAL vs. SmartStop Self Storage | GENERAL vs. Deluxe | GENERAL vs. National CineMedia |
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.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |