Correlation Between Beyond Commerce and Baosheng Media
Can any of the company-specific risk be diversified away by investing in both Beyond Commerce and Baosheng Media 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 Beyond Commerce and Baosheng Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beyond Commerce and Baosheng Media Group, you can compare the effects of market volatilities on Beyond Commerce and Baosheng Media 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 Beyond Commerce with a short position of Baosheng Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Commerce and Baosheng Media.
Diversification Opportunities for Beyond Commerce and Baosheng Media
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beyond and Baosheng is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Commerce and Baosheng Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baosheng Media Group and Beyond Commerce 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 Beyond Commerce are associated (or correlated) with Baosheng Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baosheng Media Group has no effect on the direction of Beyond Commerce i.e., Beyond Commerce and Baosheng Media go up and down completely randomly.
Pair Corralation between Beyond Commerce and Baosheng Media
Given the investment horizon of 90 days Beyond Commerce is expected to generate 41.24 times more return on investment than Baosheng Media. However, Beyond Commerce is 41.24 times more volatile than Baosheng Media Group. It trades about 0.25 of its potential returns per unit of risk. Baosheng Media Group is currently generating about 0.01 per unit of risk. If you would invest 0.01 in Beyond Commerce on September 2, 2024 and sell it today you would earn a total of 0.01 from holding Beyond Commerce or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beyond Commerce vs. Baosheng Media Group
Performance |
| Timeline |
| Beyond Commerce |
| Baosheng Media Group |
Beyond Commerce and Baosheng Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Commerce and Baosheng Media
The main advantage of trading using opposite Beyond Commerce and Baosheng Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Commerce position performs unexpectedly, Baosheng Media 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 Baosheng Media will offset losses from the drop in Baosheng Media's long position.| Beyond Commerce vs. CMG Holdings Group | Beyond Commerce vs. Mastermind | Beyond Commerce vs. INEO Tech Corp | Beyond Commerce vs. Kidoz Inc |
| Baosheng Media vs. MGO Global Common | Baosheng Media vs. National CineMedia | Baosheng Media vs. Glory Star New | Baosheng Media vs. Impact Fusion International |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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