Correlation Between Walker Dunlop and Bengang Steel
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By analyzing existing cross correlation between Walker Dunlop and Bengang Steel Plates, you can compare the effects of market volatilities on Walker Dunlop 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 Walker Dunlop with a short position of Bengang Steel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walker Dunlop and Bengang Steel.
Diversification Opportunities for Walker Dunlop and Bengang Steel
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Walker and Bengang is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Walker Dunlop 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 Walker Dunlop 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 Walker Dunlop 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 Walker Dunlop i.e., Walker Dunlop and Bengang Steel go up and down completely randomly.
Pair Corralation between Walker Dunlop and Bengang Steel
Allowing for the 90-day total investment horizon Walker Dunlop is expected to generate 0.8 times more return on investment than Bengang Steel. However, Walker Dunlop is 1.24 times less risky than Bengang Steel. It trades about 0.05 of its potential returns per unit of risk. Bengang Steel Plates is currently generating about -0.18 per unit of risk. If you would invest 10,870 in Walker Dunlop on September 1, 2024 and sell it today you would earn a total of 148.00 from holding Walker Dunlop or generate 1.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Walker Dunlop vs. Bengang Steel Plates
Performance |
| Timeline |
| Walker Dunlop |
| Bengang Steel Plates |
Walker Dunlop and Bengang Steel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walker Dunlop and Bengang Steel
The main advantage of trading using opposite Walker Dunlop and Bengang Steel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walker Dunlop 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.| Walker Dunlop vs. Mr Cooper Group | Walker Dunlop vs. Velocity Financial Llc | Walker Dunlop vs. Security National Financial | Walker Dunlop vs. Encore Capital Group |
| Bengang Steel vs. Gome Telecom Equipment | Bengang Steel vs. Shenzhen Kexin Communication | Bengang Steel vs. Wuhan Yangtze Communication | Bengang Steel vs. Sportsoul Co Ltd |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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