Correlation Between CN Energy and Baosheng Media
Can any of the company-specific risk be diversified away by investing in both CN Energy and Baosheng Media at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CN Energy and Baosheng Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CN Energy Group and Baosheng Media Group, you can compare the effects of market volatilities on CN Energy and Baosheng Media 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 CN Energy with a short position of Baosheng Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of CN Energy and Baosheng Media.
Diversification Opportunities for CN Energy and Baosheng Media
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between CNEY and Baosheng is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding CN Energy Group and Baosheng Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baosheng Media Group and CN Energy 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 CN Energy Group are associated (or correlated) with Baosheng Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baosheng Media Group has no effect on the direction of CN Energy i.e., CN Energy and Baosheng Media go up and down completely randomly.
Pair Corralation between CN Energy and Baosheng Media
Given the investment horizon of 90 days CN Energy Group is expected to under-perform the Baosheng Media. But the stock apears to be less risky and, when comparing its historical volatility, CN Energy Group is 1.79 times less risky than Baosheng Media. The stock trades about -0.05 of its potential returns per unit of risk. The Baosheng Media Group is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 280.00 in Baosheng Media Group on July 18, 2025 and sell it today you would earn a total of 115.00 from holding Baosheng Media Group or generate 41.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CN Energy Group vs. Baosheng Media Group
Performance |
| Timeline |
| CN Energy Group |
| Baosheng Media Group |
CN Energy and Baosheng Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CN Energy and Baosheng Media
The main advantage of trading using opposite CN Energy and Baosheng Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CN Energy position performs unexpectedly, Baosheng Media 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 Baosheng Media will offset losses from the drop in Baosheng Media's long position.| CN Energy vs. Baosheng Media Group | CN Energy vs. Connect Biopharma Holdings | CN Energy vs. Coroware | CN Energy vs. Crown Electrokinetics Corp |
| Baosheng Media vs. Mobiquity Technologies | Baosheng Media vs. ZW Data Action | Baosheng Media vs. Sentage Holdings | Baosheng Media vs. Huadi International Group |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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