Correlation Between Bomesc Offshore and Kangyue Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bomesc Offshore Engineering and Kangyue Technology Co, you can compare the effects of market volatilities on Bomesc Offshore and Kangyue Technology 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 Bomesc Offshore with a short position of Kangyue Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomesc Offshore and Kangyue Technology.
Diversification Opportunities for Bomesc Offshore and Kangyue Technology
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bomesc and Kangyue is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Bomesc Offshore Engineering and Kangyue Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangyue Technology and Bomesc Offshore 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 Bomesc Offshore Engineering are associated (or correlated) with Kangyue Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangyue Technology has no effect on the direction of Bomesc Offshore i.e., Bomesc Offshore and Kangyue Technology go up and down completely randomly.
Pair Corralation between Bomesc Offshore and Kangyue Technology
Assuming the 90 days trading horizon Bomesc Offshore is expected to generate 2.67 times less return on investment than Kangyue Technology. But when comparing it to its historical volatility, Bomesc Offshore Engineering is 2.7 times less risky than Kangyue Technology. It trades about 0.19 of its potential returns per unit of risk. Kangyue Technology Co is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 354.00 in Kangyue Technology Co on September 18, 2024 and sell it today you would earn a total of 327.00 from holding Kangyue Technology Co or generate 92.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Bomesc Offshore Engineering vs. Kangyue Technology Co
Performance |
Timeline |
Bomesc Offshore Engi |
Kangyue Technology |
Bomesc Offshore and Kangyue Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bomesc Offshore and Kangyue Technology
The main advantage of trading using opposite Bomesc Offshore and Kangyue Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomesc Offshore position performs unexpectedly, Kangyue Technology 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 Kangyue Technology will offset losses from the drop in Kangyue Technology's long position.Bomesc Offshore vs. Zhejiang Kingland Pipeline | Bomesc Offshore vs. NAURA Technology Group | Bomesc Offshore vs. HOB Biotech Group | Bomesc Offshore vs. Ming Yang Smart |
Kangyue Technology vs. Bomesc Offshore Engineering | Kangyue Technology vs. Agricultural Bank of | Kangyue Technology vs. Shenwu Energy Saving | Kangyue Technology vs. Chengdu Spaceon Electronics |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |