Correlation Between Imeik Technology and Bank of China
Specify exactly 2 symbols:
By analyzing existing cross correlation between Imeik Technology Development and Bank of China, you can compare the effects of market volatilities on Imeik Technology and Bank of China 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 Imeik Technology with a short position of Bank of China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imeik Technology and Bank of China.
Diversification Opportunities for Imeik Technology and Bank of China
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Imeik and Bank is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Imeik Technology Development and Bank of China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of China and Imeik 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 Imeik Technology Development are associated (or correlated) with Bank of China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of China has no effect on the direction of Imeik Technology i.e., Imeik Technology and Bank of China go up and down completely randomly.
Pair Corralation between Imeik Technology and Bank of China
Assuming the 90 days trading horizon Imeik Technology Development is expected to under-perform the Bank of China. In addition to that, Imeik Technology is 2.2 times more volatile than Bank of China. It trades about -0.03 of its total potential returns per unit of risk. Bank of China is currently generating about 0.08 per unit of volatility. If you would invest 331.00 in Bank of China on December 7, 2024 and sell it today you would earn a total of 213.00 from holding Bank of China or generate 64.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Imeik Technology Development vs. Bank of China
Performance |
Timeline |
Imeik Technology Dev |
Bank of China |
Imeik Technology and Bank of China Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Imeik Technology and Bank of China
The main advantage of trading using opposite Imeik Technology and Bank of China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imeik Technology position performs unexpectedly, Bank of China 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 Bank of China will offset losses from the drop in Bank of China's long position.Imeik Technology vs. Jiajia Food Group | Imeik Technology vs. Western Metal Materials | Imeik Technology vs. Zijin Mining Group | Imeik Technology vs. Zhongyin Babi Food |
Bank of China vs. Dongfeng Automobile Co | Bank of China vs. Hangzhou Minsheng Healthcare | Bank of China vs. Harvest Fund Management | Bank of China vs. Dezhan HealthCare 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |