Correlation Between Beijing Roborock and Zhuzhou Kibing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Zhuzhou Kibing Group, you can compare the effects of market volatilities on Beijing Roborock and Zhuzhou Kibing 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 Roborock with a short position of Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Zhuzhou Kibing.
Diversification Opportunities for Beijing Roborock and Zhuzhou Kibing
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and Zhuzhou is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group and Beijing Roborock 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 Roborock Technology are associated (or correlated) with Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between Beijing Roborock and Zhuzhou Kibing
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.35 times more return on investment than Zhuzhou Kibing. However, Beijing Roborock is 1.35 times more volatile than Zhuzhou Kibing Group. It trades about -0.05 of its potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.09 per unit of risk. If you would invest 26,601 in Beijing Roborock Technology on October 25, 2024 and sell it today you would lose (3,079) from holding Beijing Roborock Technology or give up 11.57% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Roborock Technology vs. Zhuzhou Kibing Group
Performance |
Timeline |
Beijing Roborock Tec |
Zhuzhou Kibing Group |
Beijing Roborock and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Roborock and Zhuzhou Kibing
The main advantage of trading using opposite Beijing Roborock and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing's long position.Beijing Roborock vs. Zhongzhu Medical Holdings | Beijing Roborock vs. Zhonghong Pulin Medical | Beijing Roborock vs. APT Medical | Beijing Roborock vs. Sunny Loan Top |
Zhuzhou Kibing vs. Kweichow Moutai Co | Zhuzhou Kibing vs. Contemporary Amperex Technology | Zhuzhou Kibing vs. Beijing Roborock Technology | Zhuzhou Kibing vs. BYD Co Ltd |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |