Correlation Between KraneShares Bosera and 70082LAB3
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By analyzing existing cross correlation between KraneShares Bosera MSCI and US70082LAB36, you can compare the effects of market volatilities on KraneShares Bosera and 70082LAB3 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 KraneShares Bosera with a short position of 70082LAB3. Check out your portfolio center. Please also check ongoing floating volatility patterns of KraneShares Bosera and 70082LAB3.
Diversification Opportunities for KraneShares Bosera and 70082LAB3
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between KraneShares and 70082LAB3 is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding KraneShares Bosera MSCI and US70082LAB36 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US70082LAB36 and KraneShares Bosera 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 KraneShares Bosera MSCI are associated (or correlated) with 70082LAB3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US70082LAB36 has no effect on the direction of KraneShares Bosera i.e., KraneShares Bosera and 70082LAB3 go up and down completely randomly.
Pair Corralation between KraneShares Bosera and 70082LAB3
Considering the 90-day investment horizon KraneShares Bosera MSCI is expected to under-perform the 70082LAB3. In addition to that, KraneShares Bosera is 1.41 times more volatile than US70082LAB36. It trades about -0.11 of its total potential returns per unit of risk. US70082LAB36 is currently generating about 0.17 per unit of volatility. If you would invest 8,860 in US70082LAB36 on October 21, 2024 and sell it today you would earn a total of 140.00 from holding US70082LAB36 or generate 1.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 57.89% |
| Values | Daily Returns |
KraneShares Bosera MSCI vs. US70082LAB36
Performance |
| Timeline |
| KraneShares Bosera MSCI |
| US70082LAB36 |
KraneShares Bosera and 70082LAB3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KraneShares Bosera and 70082LAB3
The main advantage of trading using opposite KraneShares Bosera and 70082LAB3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KraneShares Bosera position performs unexpectedly, 70082LAB3 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 70082LAB3 will offset losses from the drop in 70082LAB3's long position.| KraneShares Bosera vs. Global X MSCI | KraneShares Bosera vs. KraneShares MSCI All | KraneShares Bosera vs. Xtrackers Harvest CSI |
| 70082LAB3 vs. Kaiser Aluminum | 70082LAB3 vs. HUHUTECH International Group | 70082LAB3 vs. Corning Incorporated | 70082LAB3 vs. Universal Stainless Alloy |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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