Correlation Between Xiandai Investment and Zhejiang Publishing
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By analyzing existing cross correlation between Xiandai Investment Co and Zhejiang Publishing Media, you can compare the effects of market volatilities on Xiandai Investment and Zhejiang 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 Xiandai Investment with a short position of Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiandai Investment and Zhejiang Publishing.
Diversification Opportunities for Xiandai Investment and Zhejiang Publishing
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xiandai and Zhejiang is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Xiandai Investment Co and Zhejiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Publishing Media and Xiandai Investment 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 Xiandai Investment Co are associated (or correlated) with Zhejiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Publishing Media has no effect on the direction of Xiandai Investment i.e., Xiandai Investment and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between Xiandai Investment and Zhejiang Publishing
Assuming the 90 days trading horizon Xiandai Investment Co is expected to generate 0.98 times more return on investment than Zhejiang Publishing. However, Xiandai Investment Co is 1.02 times less risky than Zhejiang Publishing. It trades about 0.12 of its potential returns per unit of risk. Zhejiang Publishing Media is currently generating about -0.01 per unit of risk. If you would invest 341.00 in Xiandai Investment Co on October 18, 2024 and sell it today you would earn a total of 78.00 from holding Xiandai Investment Co or generate 22.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiandai Investment Co vs. Zhejiang Publishing Media
Performance |
| Timeline |
| Xiandai Investment |
| Zhejiang Publishing Media |
Xiandai Investment and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiandai Investment and Zhejiang Publishing
The main advantage of trading using opposite Xiandai Investment and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiandai Investment position performs unexpectedly, Zhejiang 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 Zhejiang Publishing will offset losses from the drop in Zhejiang Publishing's long position.| Xiandai Investment vs. Shandong Iron and | Xiandai Investment vs. Qiaoyin Environmental Tech | Xiandai Investment vs. Tianshui Huatian Technology | Xiandai Investment vs. Huatian Hotel Group |
| Zhejiang Publishing vs. Do Fluoride Chemicals Co | Zhejiang Publishing vs. Chengdu Xingrong Investment | Zhejiang Publishing vs. Xiandai Investment Co | Zhejiang Publishing vs. Kunwu Jiuding Investment |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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