Correlation Between China Reform and Chenzhou Jingui
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By analyzing existing cross correlation between China Reform Health and Chenzhou Jingui Silver, you can compare the effects of market volatilities on China Reform and Chenzhou Jingui 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 China Reform with a short position of Chenzhou Jingui. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Reform and Chenzhou Jingui.
Diversification Opportunities for China Reform and Chenzhou Jingui
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Chenzhou is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding China Reform Health and Chenzhou Jingui Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chenzhou Jingui Silver and China Reform 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 China Reform Health are associated (or correlated) with Chenzhou Jingui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chenzhou Jingui Silver has no effect on the direction of China Reform i.e., China Reform and Chenzhou Jingui go up and down completely randomly.
Pair Corralation between China Reform and Chenzhou Jingui
Assuming the 90 days trading horizon China Reform Health is expected to under-perform the Chenzhou Jingui. In addition to that, China Reform is 1.31 times more volatile than Chenzhou Jingui Silver. It trades about -0.34 of its total potential returns per unit of risk. Chenzhou Jingui Silver is currently generating about 0.04 per unit of volatility. If you would invest 351.00 in Chenzhou Jingui Silver on October 29, 2024 and sell it today you would earn a total of 4.00 from holding Chenzhou Jingui Silver or generate 1.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Reform Health vs. Chenzhou Jingui Silver
Performance |
| Timeline |
| China Reform Health |
| Chenzhou Jingui Silver |
China Reform and Chenzhou Jingui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Reform and Chenzhou Jingui
The main advantage of trading using opposite China Reform and Chenzhou Jingui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Reform position performs unexpectedly, Chenzhou Jingui 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 Chenzhou Jingui will offset losses from the drop in Chenzhou Jingui's long position.| China Reform vs. CICT Mobile Communication | China Reform vs. Eit Environmental Development | China Reform vs. Bank of Communications | China Reform vs. Allwin Telecommunication Co |
| Chenzhou Jingui vs. Hangzhou Guotai Environmental | Chenzhou Jingui vs. City Development Environment | Chenzhou Jingui vs. Elite Color Environmental | Chenzhou Jingui vs. Changjiang Jinggong Steel |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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