Correlation Between Beijing Mainstreets and Heilongjiang Publishing
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By analyzing existing cross correlation between Beijing Mainstreets Investment and Heilongjiang Publishing Media, you can compare the effects of market volatilities on Beijing Mainstreets and Heilongjiang 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 Beijing Mainstreets with a short position of Heilongjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Mainstreets and Heilongjiang Publishing.
Diversification Opportunities for Beijing Mainstreets and Heilongjiang Publishing
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and Heilongjiang is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Mainstreets Investment and Heilongjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Publishing and Beijing Mainstreets 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 Beijing Mainstreets Investment are associated (or correlated) with Heilongjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Publishing has no effect on the direction of Beijing Mainstreets i.e., Beijing Mainstreets and Heilongjiang Publishing go up and down completely randomly.
Pair Corralation between Beijing Mainstreets and Heilongjiang Publishing
Assuming the 90 days trading horizon Beijing Mainstreets Investment is expected to generate 1.1 times more return on investment than Heilongjiang Publishing. However, Beijing Mainstreets is 1.1 times more volatile than Heilongjiang Publishing Media. It trades about 0.2 of its potential returns per unit of risk. Heilongjiang Publishing Media is currently generating about -0.13 per unit of risk. If you would invest 228.00 in Beijing Mainstreets Investment on October 28, 2024 and sell it today you would earn a total of 27.00 from holding Beijing Mainstreets Investment or generate 11.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Mainstreets Investment vs. Heilongjiang Publishing Media
Performance |
| Timeline |
| Beijing Mainstreets |
| Heilongjiang Publishing |
Beijing Mainstreets and Heilongjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Mainstreets and Heilongjiang Publishing
The main advantage of trading using opposite Beijing Mainstreets and Heilongjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Mainstreets position performs unexpectedly, Heilongjiang 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 Heilongjiang Publishing will offset losses from the drop in Heilongjiang Publishing's long position.| Beijing Mainstreets vs. Agricultural Bank of | Beijing Mainstreets vs. Industrial and Commercial | Beijing Mainstreets vs. Bank of China | Beijing Mainstreets vs. China Construction Bank |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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