Correlation Between Chengdu Xingrong and Vohringer Home
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By analyzing existing cross correlation between Chengdu Xingrong Investment and Vohringer Home Technology, you can compare the effects of market volatilities on Chengdu Xingrong and Vohringer Home 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 Chengdu Xingrong with a short position of Vohringer Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Xingrong and Vohringer Home.
Diversification Opportunities for Chengdu Xingrong and Vohringer Home
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chengdu and Vohringer is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Xingrong Investment and Vohringer Home Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vohringer Home Technology and Chengdu Xingrong 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 Chengdu Xingrong Investment are associated (or correlated) with Vohringer Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vohringer Home Technology has no effect on the direction of Chengdu Xingrong i.e., Chengdu Xingrong and Vohringer Home go up and down completely randomly.
Pair Corralation between Chengdu Xingrong and Vohringer Home
Assuming the 90 days trading horizon Chengdu Xingrong Investment is expected to generate 0.59 times more return on investment than Vohringer Home. However, Chengdu Xingrong Investment is 1.7 times less risky than Vohringer Home. It trades about 0.06 of its potential returns per unit of risk. Vohringer Home Technology is currently generating about -0.01 per unit of risk. If you would invest 546.00 in Chengdu Xingrong Investment on September 4, 2024 and sell it today you would earn a total of 158.00 from holding Chengdu Xingrong Investment or generate 28.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Xingrong Investment vs. Vohringer Home Technology
Performance |
| Timeline |
| Chengdu Xingrong Inv |
| Vohringer Home Technology |
Chengdu Xingrong and Vohringer Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Xingrong and Vohringer Home
The main advantage of trading using opposite Chengdu Xingrong and Vohringer Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Xingrong position performs unexpectedly, Vohringer Home 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 Vohringer Home will offset losses from the drop in Vohringer Home's long position.| Chengdu Xingrong vs. Wuxi Chemical Equipment | Chengdu Xingrong vs. Guangzhou Haige Communications | Chengdu Xingrong vs. CICT Mobile Communication | Chengdu Xingrong vs. Shenyang Chemical Industry |
| Vohringer Home vs. Shandong Longquan Pipeline | Vohringer Home vs. Hang Xiao Steel | Vohringer Home vs. Dymatic Chemicals | Vohringer Home vs. Yingde Greatchem Chemicals |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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