Correlation Between Zoomlion Heavy and Southern PublishingMedia
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By analyzing existing cross correlation between Zoomlion Heavy Industry and Southern PublishingMedia Co, you can compare the effects of market volatilities on Zoomlion Heavy and Southern PublishingMedia 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 Zoomlion Heavy with a short position of Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoomlion Heavy and Southern PublishingMedia.
Diversification Opportunities for Zoomlion Heavy and Southern PublishingMedia
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zoomlion and Southern is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Zoomlion Heavy Industry and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia and Zoomlion 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 Zoomlion Heavy Industry are associated (or correlated) with Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Zoomlion Heavy i.e., Zoomlion Heavy and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Zoomlion Heavy and Southern PublishingMedia
Assuming the 90 days trading horizon Zoomlion Heavy is expected to generate 5.81 times less return on investment than Southern PublishingMedia. But when comparing it to its historical volatility, Zoomlion Heavy Industry is 1.58 times less risky than Southern PublishingMedia. It trades about 0.02 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,101 in Southern PublishingMedia Co on October 29, 2024 and sell it today you would earn a total of 467.00 from holding Southern PublishingMedia Co or generate 42.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoomlion Heavy Industry vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Zoomlion Heavy Industry |
| Southern PublishingMedia |
Zoomlion Heavy and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoomlion Heavy and Southern PublishingMedia
The main advantage of trading using opposite Zoomlion Heavy and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoomlion Heavy position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Zoomlion Heavy vs. Hunan Investment Group | Zoomlion Heavy vs. Xiandai Investment Co | Zoomlion Heavy vs. Suzhou Oriental Semiconductor | Zoomlion Heavy vs. Shannon Semiconductor Technology |
| Southern PublishingMedia vs. Sichuan Newsnet Media | Southern PublishingMedia vs. Tibet Huayu Mining | Southern PublishingMedia vs. Chengdu B ray Media | Southern PublishingMedia vs. Ningbo Fujia Industrial |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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