Correlation Between CITIC Heavy and Bowman Consulting
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By analyzing existing cross correlation between CITIC Heavy Industries and Bowman Consulting Group, you can compare the effects of market volatilities on CITIC Heavy and Bowman Consulting 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 CITIC Heavy with a short position of Bowman Consulting. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Heavy and Bowman Consulting.
Diversification Opportunities for CITIC Heavy and Bowman Consulting
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CITIC and Bowman is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Heavy Industries and Bowman Consulting Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bowman Consulting and CITIC Heavy 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 CITIC Heavy Industries are associated (or correlated) with Bowman Consulting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bowman Consulting has no effect on the direction of CITIC Heavy i.e., CITIC Heavy and Bowman Consulting go up and down completely randomly.
Pair Corralation between CITIC Heavy and Bowman Consulting
Assuming the 90 days trading horizon CITIC Heavy Industries is expected to generate 0.9 times more return on investment than Bowman Consulting. However, CITIC Heavy Industries is 1.11 times less risky than Bowman Consulting. It trades about 0.14 of its potential returns per unit of risk. Bowman Consulting Group is currently generating about -0.07 per unit of risk. If you would invest 536.00 in CITIC Heavy Industries on September 7, 2025 and sell it today you would earn a total of 145.00 from holding CITIC Heavy Industries or generate 27.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 92.19% |
| Values | Daily Returns |
CITIC Heavy Industries vs. Bowman Consulting Group
Performance |
| Timeline |
| CITIC Heavy Industries |
| Bowman Consulting |
CITIC Heavy and Bowman Consulting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Heavy and Bowman Consulting
The main advantage of trading using opposite CITIC Heavy and Bowman Consulting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Heavy position performs unexpectedly, Bowman Consulting 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 Bowman Consulting will offset losses from the drop in Bowman Consulting's long position.| CITIC Heavy vs. Miracll Chemicals Co | CITIC Heavy vs. Healthcare Co | CITIC Heavy vs. Shandong Sinoglory Health | CITIC Heavy vs. Meinian Onehealth Healthcare |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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