Correlation Between Bright Scholar and MARKEL
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By analyzing existing cross correlation between Bright Scholar Education and MARKEL P 43, you can compare the effects of market volatilities on Bright Scholar and MARKEL 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 MARKEL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and MARKEL.
Diversification Opportunities for Bright Scholar and MARKEL
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bright and MARKEL is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and MARKEL P 43 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MARKEL P 43 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 MARKEL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MARKEL P 43 has no effect on the direction of Bright Scholar i.e., Bright Scholar and MARKEL go up and down completely randomly.
Pair Corralation between Bright Scholar and MARKEL
Given the investment horizon of 90 days Bright Scholar Education is expected to generate 4.37 times more return on investment than MARKEL. However, Bright Scholar is 4.37 times more volatile than MARKEL P 43. It trades about 0.16 of its potential returns per unit of risk. MARKEL P 43 is currently generating about 0.44 per unit of risk. If you would invest 190.00 in Bright Scholar Education on September 13, 2024 and sell it today you would earn a total of 24.00 from holding Bright Scholar Education or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 45.45% |
| Values | Daily Returns |
Bright Scholar Education vs. MARKEL P 43
Performance |
| Timeline |
| Bright Scholar Education |
| MARKEL P 43 |
Bright Scholar and MARKEL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and MARKEL
The main advantage of trading using opposite Bright Scholar and MARKEL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, MARKEL 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 MARKEL will offset losses from the drop in MARKEL'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 |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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