Correlation Between North Huajin and Zhejiang Daily
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By analyzing existing cross correlation between North Huajin Chemical and Zhejiang Daily Media, you can compare the effects of market volatilities on North Huajin and Zhejiang Daily 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 North Huajin with a short position of Zhejiang Daily. Check out your portfolio center. Please also check ongoing floating volatility patterns of North Huajin and Zhejiang Daily.
Diversification Opportunities for North Huajin and Zhejiang Daily
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between North and Zhejiang is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding North Huajin Chemical and Zhejiang Daily Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Daily Media and North Huajin 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 North Huajin Chemical are associated (or correlated) with Zhejiang Daily. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Daily Media has no effect on the direction of North Huajin i.e., North Huajin and Zhejiang Daily go up and down completely randomly.
Pair Corralation between North Huajin and Zhejiang Daily
If you would invest 833.00 in Zhejiang Daily Media on October 7, 2024 and sell it today you would earn a total of 132.00 from holding Zhejiang Daily Media or generate 15.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.21% |
| Values | Daily Returns |
North Huajin Chemical vs. Zhejiang Daily Media
Performance |
| Timeline |
| North Huajin Chemical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Zhejiang Daily Media |
North Huajin and Zhejiang Daily Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with North Huajin and Zhejiang Daily
The main advantage of trading using opposite North Huajin and Zhejiang Daily positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if North Huajin position performs unexpectedly, Zhejiang Daily 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 Zhejiang Daily will offset losses from the drop in Zhejiang Daily's long position.| North Huajin vs. Shanghai Shibei Hi Tech | North Huajin vs. Chahua Modern Housewares | North Huajin vs. Sichuan Jinshi Technology | North Huajin vs. Offshore Oil Engineering |
| Zhejiang Daily vs. China Life Insurance | Zhejiang Daily vs. Cinda Securities Co | Zhejiang Daily vs. Piotech Inc A | Zhejiang Daily vs. Dongxing Sec Co |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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