Correlation Between Bus Online and Shenzhen Kexin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bus Online Co and Shenzhen Kexin Communication, you can compare the effects of market volatilities on Bus Online and Shenzhen Kexin 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 Bus Online with a short position of Shenzhen Kexin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Shenzhen Kexin.
Diversification Opportunities for Bus Online and Shenzhen Kexin
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bus and Shenzhen is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Shenzhen Kexin Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Kexin Commu and Bus Online 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 Bus Online Co are associated (or correlated) with Shenzhen Kexin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Kexin Commu has no effect on the direction of Bus Online i.e., Bus Online and Shenzhen Kexin go up and down completely randomly.
Pair Corralation between Bus Online and Shenzhen Kexin
Assuming the 90 days trading horizon Bus Online Co is expected to generate 1.16 times more return on investment than Shenzhen Kexin. However, Bus Online is 1.16 times more volatile than Shenzhen Kexin Communication. It trades about -0.01 of its potential returns per unit of risk. Shenzhen Kexin Communication is currently generating about -0.08 per unit of risk. If you would invest 473.00 in Bus Online Co on November 19, 2024 and sell it today you would lose (23.00) from holding Bus Online Co or give up 4.86% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Bus Online Co vs. Shenzhen Kexin Communication
Performance |
Timeline |
Bus Online |
Shenzhen Kexin Commu |
Bus Online and Shenzhen Kexin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bus Online and Shenzhen Kexin
The main advantage of trading using opposite Bus Online and Shenzhen Kexin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online position performs unexpectedly, Shenzhen Kexin 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 Shenzhen Kexin will offset losses from the drop in Shenzhen Kexin's long position.Bus Online vs. Agricultural Bank of | ||
Bus Online vs. Unisplendour Corp | ||
Bus Online vs. Sharetronic Data Technology | ||
Bus Online vs. HUAQIN TECHNOLOGY LTD |
Shenzhen Kexin vs. Tianjin Silvery Dragon | ||
Shenzhen Kexin vs. Hainan Mining Co | ||
Shenzhen Kexin vs. Chengdu Xingrong Investment | ||
Shenzhen Kexin vs. Henan Shuanghui Investment |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |