Correlation Between Moxian and Baosheng Media
Can any of the company-specific risk be diversified away by investing in both Moxian 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 Moxian and Baosheng Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Moxian Inc and Baosheng Media Group, you can compare the effects of market volatilities on Moxian 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 Moxian with a short position of Baosheng Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moxian and Baosheng Media.
Diversification Opportunities for Moxian and Baosheng Media
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Moxian and Baosheng is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Moxian Inc 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 Moxian 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 Moxian Inc 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 Moxian i.e., Moxian and Baosheng Media go up and down completely randomly.
Pair Corralation between Moxian and Baosheng Media
If you would invest 100.00 in Moxian Inc on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Moxian Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
Moxian Inc vs. Baosheng Media Group
Performance |
| Timeline |
| Moxian Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Baosheng Media Group |
Moxian and Baosheng Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Moxian and Baosheng Media
The main advantage of trading using opposite Moxian and Baosheng Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moxian 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.The idea behind Moxian Inc and Baosheng Media Group pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Baosheng Media vs. MGO Global Common | Baosheng Media vs. National CineMedia | Baosheng Media vs. Impact Fusion International | Baosheng Media vs. Steel Connect |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |