Correlation Between Telling Telecommunicatio and Xiangyu Medical
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By analyzing existing cross correlation between Telling Telecommunication Holding and Xiangyu Medical Co, you can compare the effects of market volatilities on Telling Telecommunicatio and Xiangyu Medical 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 Telling Telecommunicatio with a short position of Xiangyu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Telling Telecommunicatio and Xiangyu Medical.
Diversification Opportunities for Telling Telecommunicatio and Xiangyu Medical
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Telling and Xiangyu is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Telling Telecommunication Hold and Xiangyu Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyu Medical and Telling Telecommunicatio 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 Telling Telecommunication Holding are associated (or correlated) with Xiangyu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyu Medical has no effect on the direction of Telling Telecommunicatio i.e., Telling Telecommunicatio and Xiangyu Medical go up and down completely randomly.
Pair Corralation between Telling Telecommunicatio and Xiangyu Medical
Assuming the 90 days trading horizon Telling Telecommunication Holding is expected to under-perform the Xiangyu Medical. In addition to that, Telling Telecommunicatio is 1.66 times more volatile than Xiangyu Medical Co. It trades about -0.34 of its total potential returns per unit of risk. Xiangyu Medical Co is currently generating about -0.06 per unit of volatility. If you would invest 3,015 in Xiangyu Medical Co on October 29, 2024 and sell it today you would lose (80.00) from holding Xiangyu Medical Co or give up 2.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Telling Telecommunication Hold vs. Xiangyu Medical Co
Performance |
| Timeline |
| Telling Telecommunicatio |
| Xiangyu Medical |
Telling Telecommunicatio and Xiangyu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Telling Telecommunicatio and Xiangyu Medical
The main advantage of trading using opposite Telling Telecommunicatio and Xiangyu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Telling Telecommunicatio position performs unexpectedly, Xiangyu Medical 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 Xiangyu Medical will offset losses from the drop in Xiangyu Medical's long position.| Telling Telecommunicatio vs. Western Metal Materials | Telling Telecommunicatio vs. China Asset Management | Telling Telecommunicatio vs. Ye Chiu Metal | Telling Telecommunicatio vs. Rising Nonferrous Metals |
| Xiangyu Medical vs. Citic Offshore Helicopter | Xiangyu Medical vs. Guangdong TianYiMa Information | Xiangyu Medical vs. Guangzhou Ruoyuchen Information | Xiangyu Medical vs. Suzhou Douson Drilling |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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