Correlation Between Lander Sports and Chongqing Gas
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By analyzing existing cross correlation between Lander Sports Development and Chongqing Gas Grp, you can compare the effects of market volatilities on Lander Sports and Chongqing Gas 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 Chongqing Gas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Chongqing Gas.
Diversification Opportunities for Lander Sports and Chongqing Gas
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Lander and Chongqing is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Chongqing Gas Grp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Gas Grp 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 Chongqing Gas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Gas Grp has no effect on the direction of Lander Sports i.e., Lander Sports and Chongqing Gas go up and down completely randomly.
Pair Corralation between Lander Sports and Chongqing Gas
Assuming the 90 days trading horizon Lander Sports Development is expected to generate 1.73 times more return on investment than Chongqing Gas. However, Lander Sports is 1.73 times more volatile than Chongqing Gas Grp. It trades about 0.02 of its potential returns per unit of risk. Chongqing Gas Grp is currently generating about -0.02 per unit of risk. If you would invest 285.00 in Lander Sports Development on September 12, 2024 and sell it today you would earn a total of 40.00 from holding Lander Sports Development or generate 14.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Chongqing Gas Grp
Performance |
| Timeline |
| Lander Sports Development |
| Chongqing Gas Grp |
Lander Sports and Chongqing Gas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Chongqing Gas
The main advantage of trading using opposite Lander Sports and Chongqing Gas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Chongqing Gas 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 Chongqing Gas will offset losses from the drop in Chongqing Gas' 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 |
| Chongqing Gas vs. Lander Sports Development | Chongqing Gas vs. Linewell Software Co | Chongqing Gas vs. Anhui Gujing Distillery | Chongqing Gas vs. Shenzhen Topway Video |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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