Correlation Between Tieling Newcity and Shanghai OPM
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By analyzing existing cross correlation between Tieling Newcity Investment and Shanghai OPM Biosciences, you can compare the effects of market volatilities on Tieling Newcity and Shanghai OPM 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 Tieling Newcity with a short position of Shanghai OPM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Shanghai OPM.
Diversification Opportunities for Tieling Newcity and Shanghai OPM
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tieling and Shanghai is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Shanghai OPM Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai OPM Biosciences and Tieling Newcity 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 Tieling Newcity Investment are associated (or correlated) with Shanghai OPM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai OPM Biosciences has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Shanghai OPM go up and down completely randomly.
Pair Corralation between Tieling Newcity and Shanghai OPM
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to under-perform the Shanghai OPM. In addition to that, Tieling Newcity is 1.1 times more volatile than Shanghai OPM Biosciences. It trades about -0.13 of its total potential returns per unit of risk. Shanghai OPM Biosciences is currently generating about 0.19 per unit of volatility. If you would invest 3,711 in Shanghai OPM Biosciences on December 3, 2024 and sell it today you would earn a total of 596.00 from holding Shanghai OPM Biosciences or generate 16.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Shanghai OPM Biosciences
Performance |
| Timeline |
| Tieling Newcity Inve |
| Shanghai OPM Biosciences |
Tieling Newcity and Shanghai OPM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Shanghai OPM
The main advantage of trading using opposite Tieling Newcity and Shanghai OPM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Shanghai OPM 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 Shanghai OPM will offset losses from the drop in Shanghai OPM's long position.| Tieling Newcity vs. Runjian Communication Co | Tieling Newcity vs. Suzhou Mingzhi Technology | Tieling Newcity vs. Eastern Communications Co | Tieling Newcity vs. Jilin Jlu Communication |
| Shanghai OPM vs. Eastern Communications Co | Shanghai OPM vs. Qumei Furniture Group | Shanghai OPM vs. BlueFocus Communication Group | Shanghai OPM vs. Fiberhome Telecommunication Technologies |
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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