Correlation Between Beijing Bewinner and Iat Automobile
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By analyzing existing cross correlation between Beijing Bewinner Communications and Iat Automobile Technology, you can compare the effects of market volatilities on Beijing Bewinner and Iat Automobile 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 Beijing Bewinner with a short position of Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Iat Automobile.
Diversification Opportunities for Beijing Bewinner and Iat Automobile
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Iat is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Iat Automobile go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Iat Automobile
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.83 times more return on investment than Iat Automobile. However, Beijing Bewinner is 1.83 times more volatile than Iat Automobile Technology. It trades about -0.03 of its potential returns per unit of risk. Iat Automobile Technology is currently generating about -0.24 per unit of risk. If you would invest 661.00 in Beijing Bewinner Communications on October 11, 2024 and sell it today you would lose (45.00) from holding Beijing Bewinner Communications or give up 6.81% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Bewinner Communication vs. Iat Automobile Technology
Performance |
Timeline |
Beijing Bewinner Com |
Iat Automobile Technology |
Beijing Bewinner and Iat Automobile Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Bewinner and Iat Automobile
The main advantage of trading using opposite Beijing Bewinner and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.Beijing Bewinner vs. Changchun Engley Automobile | Beijing Bewinner vs. Ningbo Ligong Online | Beijing Bewinner vs. Sinomach Automobile Co | Beijing Bewinner vs. CIMC Vehicles Co |
Iat Automobile vs. Shandong Iron and | Iat Automobile vs. Qiaoyin Environmental Tech | Iat Automobile vs. StarPower Semiconductor | Iat Automobile vs. Tongxing Environmental Protection |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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