Correlation Between Salesforce and Bengang Steel
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By analyzing existing cross correlation between Salesforce and Bengang Steel Plates, you can compare the effects of market volatilities on Salesforce and Bengang Steel 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 Salesforce with a short position of Bengang Steel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Bengang Steel.
Diversification Opportunities for Salesforce and Bengang Steel
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Salesforce and Bengang is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Bengang Steel Plates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bengang Steel Plates and Salesforce 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 Salesforce are associated (or correlated) with Bengang Steel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bengang Steel Plates has no effect on the direction of Salesforce i.e., Salesforce and Bengang Steel go up and down completely randomly.
Pair Corralation between Salesforce and Bengang Steel
Considering the 90-day investment horizon Salesforce is expected to generate 1.32 times less return on investment than Bengang Steel. But when comparing it to its historical volatility, Salesforce is 1.24 times less risky than Bengang Steel. It trades about 0.04 of its potential returns per unit of risk. Bengang Steel Plates is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 289.00 in Bengang Steel Plates on September 1, 2024 and sell it today you would earn a total of 53.00 from holding Bengang Steel Plates or generate 18.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 94.23% |
| Values | Daily Returns |
Salesforce vs. Bengang Steel Plates
Performance |
| Timeline |
| Salesforce |
| Bengang Steel Plates |
Salesforce and Bengang Steel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Bengang Steel
The main advantage of trading using opposite Salesforce and Bengang Steel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, Bengang Steel 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 Bengang Steel will offset losses from the drop in Bengang Steel's long position.| Salesforce vs. Ke Holdings | Salesforce vs. nCino Inc | Salesforce vs. Kingsoft Cloud Holdings | Salesforce vs. Jfrog |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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