Correlation Between Shenzhen Centralcon and China United
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By analyzing existing cross correlation between Shenzhen Centralcon Investment and China United Network, you can compare the effects of market volatilities on Shenzhen Centralcon and China United 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 Shenzhen Centralcon with a short position of China United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Centralcon and China United.
Diversification Opportunities for Shenzhen Centralcon and China United
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and China is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Centralcon Investment and China United Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China United Network and Shenzhen Centralcon 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 Shenzhen Centralcon Investment are associated (or correlated) with China United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China United Network has no effect on the direction of Shenzhen Centralcon i.e., Shenzhen Centralcon and China United go up and down completely randomly.
Pair Corralation between Shenzhen Centralcon and China United
Assuming the 90 days trading horizon Shenzhen Centralcon Investment is expected to generate 0.82 times more return on investment than China United. However, Shenzhen Centralcon Investment is 1.22 times less risky than China United. It trades about 0.09 of its potential returns per unit of risk. China United Network is currently generating about 0.04 per unit of risk. If you would invest 529.00 in Shenzhen Centralcon Investment on September 12, 2024 and sell it today you would earn a total of 21.00 from holding Shenzhen Centralcon Investment or generate 3.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Centralcon Investment vs. China United Network
Performance |
| Timeline |
| Shenzhen Centralcon |
| China United Network |
Shenzhen Centralcon and China United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Centralcon and China United
The main advantage of trading using opposite Shenzhen Centralcon and China United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Centralcon position performs unexpectedly, China United 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 China United will offset losses from the drop in China United's long position.| Shenzhen Centralcon vs. Industrial and Commercial | Shenzhen Centralcon vs. China Construction Bank | Shenzhen Centralcon vs. Bank of China | Shenzhen Centralcon vs. Agricultural Bank of |
| China United vs. HeBei Jinniu Chemical | China United vs. Ningbo Bohui Chemical | China United vs. Shenzhen Bioeasy Biotechnology | China United vs. Jilin Chemical Fibre |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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