Correlation Between Bodhi Tree and Imagicaaworld Entertainment
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By analyzing existing cross correlation between Bodhi Tree Multimedia and Imagicaaworld Entertainment Limited, you can compare the effects of market volatilities on Bodhi Tree and Imagicaaworld Entertainment 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 Bodhi Tree with a short position of Imagicaaworld Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bodhi Tree and Imagicaaworld Entertainment.
Diversification Opportunities for Bodhi Tree and Imagicaaworld Entertainment
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bodhi and Imagicaaworld is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Bodhi Tree Multimedia and Imagicaaworld Entertainment Li in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imagicaaworld Entertainment and Bodhi Tree 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 Bodhi Tree Multimedia are associated (or correlated) with Imagicaaworld Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imagicaaworld Entertainment has no effect on the direction of Bodhi Tree i.e., Bodhi Tree and Imagicaaworld Entertainment go up and down completely randomly.
Pair Corralation between Bodhi Tree and Imagicaaworld Entertainment
Assuming the 90 days trading horizon Bodhi Tree Multimedia is expected to under-perform the Imagicaaworld Entertainment. But the stock apears to be less risky and, when comparing its historical volatility, Bodhi Tree Multimedia is 1.01 times less risky than Imagicaaworld Entertainment. The stock trades about -0.17 of its potential returns per unit of risk. The Imagicaaworld Entertainment Limited is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 7,278 in Imagicaaworld Entertainment Limited on December 8, 2024 and sell it today you would lose (715.00) from holding Imagicaaworld Entertainment Limited or give up 9.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bodhi Tree Multimedia vs. Imagicaaworld Entertainment Li
Performance |
| Timeline |
| Bodhi Tree Multimedia |
| Imagicaaworld Entertainment |
Bodhi Tree and Imagicaaworld Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bodhi Tree and Imagicaaworld Entertainment
The main advantage of trading using opposite Bodhi Tree and Imagicaaworld Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bodhi Tree position performs unexpectedly, Imagicaaworld Entertainment 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 Imagicaaworld Entertainment will offset losses from the drop in Imagicaaworld Entertainment's long position.| Bodhi Tree vs. Le Travenues Technology | ||
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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