Correlation Between Spire Global and Boai NKY
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By analyzing existing cross correlation between Spire Global and Boai NKY Pharmaceuticals, you can compare the effects of market volatilities on Spire Global and Boai NKY 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 Spire Global with a short position of Boai NKY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and Boai NKY.
Diversification Opportunities for Spire Global and Boai NKY
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Spire and Boai is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and Boai NKY Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boai NKY Pharmaceuticals and Spire Global 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 Spire Global are associated (or correlated) with Boai NKY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boai NKY Pharmaceuticals has no effect on the direction of Spire Global i.e., Spire Global and Boai NKY go up and down completely randomly.
Pair Corralation between Spire Global and Boai NKY
Given the investment horizon of 90 days Spire Global is expected to generate 1.49 times more return on investment than Boai NKY. However, Spire Global is 1.49 times more volatile than Boai NKY Pharmaceuticals. It trades about 0.3 of its potential returns per unit of risk. Boai NKY Pharmaceuticals is currently generating about 0.22 per unit of risk. If you would invest 1,091 in Spire Global on September 5, 2024 and sell it today you would earn a total of 386.00 from holding Spire Global or generate 35.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Spire Global vs. Boai NKY Pharmaceuticals
Performance |
| Timeline |
| Spire Global |
| Boai NKY Pharmaceuticals |
Spire Global and Boai NKY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and Boai NKY
The main advantage of trading using opposite Spire Global and Boai NKY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, Boai NKY 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 Boai NKY will offset losses from the drop in Boai NKY's long position.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
| Boai NKY vs. Zijin Mining Group | Boai NKY vs. Wanhua Chemical Group | Boai NKY vs. Baoshan Iron Steel | Boai NKY vs. Rongsheng Petrochemical Co |
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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