Correlation Between Lander Sports and Shandong Gold
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By analyzing existing cross correlation between Lander Sports Development and Shandong Gold Mining, you can compare the effects of market volatilities on Lander Sports and Shandong Gold 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 Lander Sports with a short position of Shandong Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Shandong Gold.
Diversification Opportunities for Lander Sports and Shandong Gold
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Lander and Shandong is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Shandong Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Gold Mining and Lander Sports 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 Lander Sports Development are associated (or correlated) with Shandong Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Gold Mining has no effect on the direction of Lander Sports i.e., Lander Sports and Shandong Gold go up and down completely randomly.
Pair Corralation between Lander Sports and Shandong Gold
Assuming the 90 days trading horizon Lander Sports is expected to generate 1.29 times less return on investment than Shandong Gold. In addition to that, Lander Sports is 1.28 times more volatile than Shandong Gold Mining. It trades about 0.02 of its total potential returns per unit of risk. Shandong Gold Mining is currently generating about 0.04 per unit of volatility. If you would invest 1,879 in Shandong Gold Mining on September 12, 2024 and sell it today you would earn a total of 590.00 from holding Shandong Gold Mining or generate 31.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Shandong Gold Mining
Performance |
| Timeline |
| Lander Sports Development |
| Shandong Gold Mining |
Lander Sports and Shandong Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Shandong Gold
The main advantage of trading using opposite Lander Sports and Shandong Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Shandong Gold 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 Shandong Gold will offset losses from the drop in Shandong Gold's long position.| Lander Sports vs. Industrial and Commercial | Lander Sports vs. China Construction Bank | Lander Sports vs. Bank of China | Lander Sports vs. Agricultural Bank of |
| Shandong Gold vs. Heilongjiang Publishing Media | Shandong Gold vs. Suofeiya Home Collection | Shandong Gold vs. Shuhua Sports Co | Shandong Gold vs. Lander Sports Development |
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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