Correlation Between Financial Street and Changjiang Publishing
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By analyzing existing cross correlation between Financial Street Holdings and Changjiang Publishing Media, you can compare the effects of market volatilities on Financial Street and Changjiang Publishing 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 Financial Street with a short position of Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Financial Street and Changjiang Publishing.
Diversification Opportunities for Financial Street and Changjiang Publishing
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Financial and Changjiang is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Financial Street Holdings and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing and Financial Street 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 Financial Street Holdings are associated (or correlated) with Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of Financial Street i.e., Financial Street and Changjiang Publishing go up and down completely randomly.
Pair Corralation between Financial Street and Changjiang Publishing
Assuming the 90 days trading horizon Financial Street Holdings is expected to generate 1.85 times more return on investment than Changjiang Publishing. However, Financial Street is 1.85 times more volatile than Changjiang Publishing Media. It trades about 0.05 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.01 per unit of risk. If you would invest 258.00 in Financial Street Holdings on October 13, 2024 and sell it today you would earn a total of 42.00 from holding Financial Street Holdings or generate 16.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Financial Street Holdings vs. Changjiang Publishing Media
Performance |
| Timeline |
| Financial Street Holdings |
| Changjiang Publishing |
Financial Street and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Financial Street and Changjiang Publishing
The main advantage of trading using opposite Financial Street and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Financial Street position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| Financial Street vs. Changchun UP Optotech | Financial Street vs. HanS Laser Tech | Financial Street vs. Holitech Technology Co | Financial Street vs. Jinhe Biotechnology Co |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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