Correlation Between Boqii Holding and Oxford Industries
Can any of the company-specific risk be diversified away by investing in both Boqii Holding and Oxford Industries 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 Boqii Holding and Oxford Industries into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boqii Holding Limited and Oxford Industries, you can compare the effects of market volatilities on Boqii Holding and Oxford Industries 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 Boqii Holding with a short position of Oxford Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boqii Holding and Oxford Industries.
Diversification Opportunities for Boqii Holding and Oxford Industries
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Boqii and Oxford is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Boqii Holding Limited and Oxford Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Industries and Boqii Holding 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 Boqii Holding Limited are associated (or correlated) with Oxford Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Industries has no effect on the direction of Boqii Holding i.e., Boqii Holding and Oxford Industries go up and down completely randomly.
Pair Corralation between Boqii Holding and Oxford Industries
Allowing for the 90-day total investment horizon Boqii Holding Limited is expected to generate 6.0 times more return on investment than Oxford Industries. However, Boqii Holding is 6.0 times more volatile than Oxford Industries. It trades about 0.02 of its potential returns per unit of risk. Oxford Industries is currently generating about 0.0 per unit of risk. If you would invest 139.00 in Boqii Holding Limited on August 30, 2024 and sell it today you would lose (95.00) from holding Boqii Holding Limited or give up 68.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boqii Holding Limited vs. Oxford Industries
Performance |
| Timeline |
| Boqii Holding Limited |
| Oxford Industries |
Boqii Holding and Oxford Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boqii Holding and Oxford Industries
The main advantage of trading using opposite Boqii Holding and Oxford Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boqii Holding position performs unexpectedly, Oxford Industries 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 Oxford Industries will offset losses from the drop in Oxford Industries' long position.| Boqii Holding vs. Card Factory plc | Boqii Holding vs. School Specialty | Boqii Holding vs. Ceconomy AG ADR | Boqii Holding vs. Bowlin Travel Centers |
| Oxford Industries vs. G III Apparel Group | Oxford Industries vs. Ermenegildo Zegna NV | Oxford Industries vs. Kontoor Brands | Oxford Industries vs. Columbia Sportswear |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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