Correlation Between Xiangyang Automobile and Duzhe Publishing
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Duzhe Publishing Media, you can compare the effects of market volatilities on Xiangyang Automobile and Duzhe 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 Xiangyang Automobile with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Duzhe Publishing.
Diversification Opportunities for Xiangyang Automobile and Duzhe Publishing
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyang and Duzhe is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media and Xiangyang Automobile 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 Xiangyang Automobile Bearing are associated (or correlated) with Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Duzhe Publishing
Assuming the 90 days trading horizon Xiangyang Automobile is expected to generate 1.36 times less return on investment than Duzhe Publishing. In addition to that, Xiangyang Automobile is 1.13 times more volatile than Duzhe Publishing Media. It trades about 0.01 of its total potential returns per unit of risk. Duzhe Publishing Media is currently generating about 0.02 per unit of volatility. If you would invest 592.00 in Duzhe Publishing Media on November 5, 2024 and sell it today you would earn a total of 19.00 from holding Duzhe Publishing Media or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Duzhe Publishing Media
Performance |
| Timeline |
| Xiangyang Automobile |
| Duzhe Publishing Media |
Xiangyang Automobile and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Duzhe Publishing
The main advantage of trading using opposite Xiangyang Automobile and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Duzhe 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.| Xiangyang Automobile vs. Luyin Investment Group | Xiangyang Automobile vs. Postal Savings Bank | Xiangyang Automobile vs. Zhejiang Construction Investment | Xiangyang Automobile vs. China Asset Management |
| Duzhe Publishing vs. Eastroc Beverage Group | Duzhe Publishing vs. Hangzhou Arcvideo Technology | Duzhe Publishing vs. Tongyu Communication | Duzhe Publishing vs. Hainan Airlines Co |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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