Correlation Between Boqii Holding and Exxon

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Can any of the company-specific risk be diversified away by investing in both Boqii Holding and Exxon 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 Boqii Holding and Exxon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boqii Holding and Exxon Mobil Corp, you can compare the effects of market volatilities on Boqii Holding and Exxon 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 Boqii Holding with a short position of Exxon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boqii Holding and Exxon.

Diversification Opportunities for Boqii Holding and Exxon

  Correlation Coefficient

Pay attention - limited upside

The 1 month correlation between Boqii and Exxon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Boqii Holding Ltd and Exxon Mobil Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exxon Mobil Corp and Boqii Holding 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 Boqii Holding are associated (or correlated) with Exxon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exxon Mobil Corp has no effect on the direction of Boqii Holding i.e., Boqii Holding and Exxon go up and down completely randomly.

Pair Corralation between Boqii Holding and Exxon

Allowing for the 90-day total investment horizon Boqii Holding is expected to generate 5.28 times more return on investment than Exxon. However, Boqii Holding is 5.28 times more volatile than Exxon Mobil Corp. It trades about 0.07 of its potential returns per unit of risk. Exxon Mobil Corp is currently generating about 0.03 per unit of risk. If you would invest  190.00  in Boqii Holding on May 19, 2022 and sell it today you would earn a total of  26.00  from holding Boqii Holding or generate 13.68% return on investment over 90 days.
Time Period1 Month [change]
ValuesDaily Returns

Boqii Holding Ltd  vs.  Exxon Mobil Corp

 Performance (%) 
Boqii Holding 
Boqii Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Boqii Holding are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Boqii Holding displayed solid returns over the last few months and may actually be approaching a breakup point.

Boqii Price Channel

Exxon Mobil Corp 
Exxon Performance
11 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Exxon Mobil Corp are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Even with relatively sluggish basic indicators, Exxon revealed solid returns over the last few months and may actually be approaching a breakup point.

Exxon Price Channel

Boqii Holding and Exxon Volatility Contrast

   Predicted Return Density   

Pair Trading with Boqii Holding and Exxon

The main advantage of trading using opposite Boqii Holding and Exxon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boqii Holding position performs unexpectedly, Exxon 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 Exxon will offset losses from the drop in Exxon's long position.
The idea behind Boqii Holding and Exxon Mobil Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.

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