Correlation Between Maxvision Technology and BYD Co
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By analyzing existing cross correlation between Maxvision Technology Corp and BYD Co Ltd, you can compare the effects of market volatilities on Maxvision Technology and BYD Co 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 Maxvision Technology with a short position of BYD Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maxvision Technology and BYD Co.
Diversification Opportunities for Maxvision Technology and BYD Co
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Maxvision and BYD is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Maxvision Technology Corp and BYD Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BYD Co and Maxvision Technology 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 Maxvision Technology Corp are associated (or correlated) with BYD Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BYD Co has no effect on the direction of Maxvision Technology i.e., Maxvision Technology and BYD Co go up and down completely randomly.
Pair Corralation between Maxvision Technology and BYD Co
Assuming the 90 days trading horizon Maxvision Technology is expected to generate 1.02 times less return on investment than BYD Co. In addition to that, Maxvision Technology is 1.36 times more volatile than BYD Co Ltd. It trades about 0.13 of its total potential returns per unit of risk. BYD Co Ltd is currently generating about 0.17 per unit of volatility. If you would invest 28,799 in BYD Co Ltd on November 19, 2024 and sell it today you would earn a total of 6,806 from holding BYD Co Ltd or generate 23.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Maxvision Technology Corp vs. BYD Co Ltd
Performance |
Timeline |
Maxvision Technology Corp |
BYD Co |
Maxvision Technology and BYD Co Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Maxvision Technology and BYD Co
The main advantage of trading using opposite Maxvision Technology and BYD Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maxvision Technology position performs unexpectedly, BYD Co 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 BYD Co will offset losses from the drop in BYD Co's long position.Maxvision Technology vs. Dongguan Tarry Electronics | ||
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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