Correlation Between Bright Scholar and 98388MAD9
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By analyzing existing cross correlation between Bright Scholar Education and XEL 46 01 JUN 32, you can compare the effects of market volatilities on Bright Scholar and 98388MAD9 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 98388MAD9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bright Scholar and 98388MAD9.
Diversification Opportunities for Bright Scholar and 98388MAD9
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bright and 98388MAD9 is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Bright Scholar Education and XEL 46 01 JUN 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XEL 46 01 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 98388MAD9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XEL 46 01 has no effect on the direction of Bright Scholar i.e., Bright Scholar and 98388MAD9 go up and down completely randomly.
Pair Corralation between Bright Scholar and 98388MAD9
Given the investment horizon of 90 days Bright Scholar Education is expected to generate 7.37 times more return on investment than 98388MAD9. However, Bright Scholar is 7.37 times more volatile than XEL 46 01 JUN 32. It trades about 0.06 of its potential returns per unit of risk. XEL 46 01 JUN 32 is currently generating about 0.01 per unit of risk. If you would invest 117.00 in Bright Scholar Education on September 4, 2024 and sell it today you would earn a total of 68.00 from holding Bright Scholar Education or generate 58.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.59% |
| Values | Daily Returns |
Bright Scholar Education vs. XEL 46 01 JUN 32
Performance |
| Timeline |
| Bright Scholar Education |
| XEL 46 01 |
Bright Scholar and 98388MAD9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bright Scholar and 98388MAD9
The main advantage of trading using opposite Bright Scholar and 98388MAD9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bright Scholar position performs unexpectedly, 98388MAD9 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 98388MAD9 will offset losses from the drop in 98388MAD9'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 |
| 98388MAD9 vs. Highway Holdings Limited | 98388MAD9 vs. MYR Group | 98388MAD9 vs. Palomar Holdings | 98388MAD9 vs. Hurco Companies |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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