Correlation Between Hunan TV and Beijing Yanjing
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By analyzing existing cross correlation between Hunan TV Broadcast and Beijing Yanjing Brewery, you can compare the effects of market volatilities on Hunan TV and Beijing Yanjing 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 Hunan TV with a short position of Beijing Yanjing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Beijing Yanjing.
Diversification Opportunities for Hunan TV and Beijing Yanjing
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hunan and Beijing is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Beijing Yanjing Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Yanjing Brewery and Hunan TV 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 Hunan TV Broadcast are associated (or correlated) with Beijing Yanjing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Yanjing Brewery has no effect on the direction of Hunan TV i.e., Hunan TV and Beijing Yanjing go up and down completely randomly.
Pair Corralation between Hunan TV and Beijing Yanjing
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to generate 1.91 times more return on investment than Beijing Yanjing. However, Hunan TV is 1.91 times more volatile than Beijing Yanjing Brewery. It trades about 0.26 of its potential returns per unit of risk. Beijing Yanjing Brewery is currently generating about -0.11 per unit of risk. If you would invest 642.00 in Hunan TV Broadcast on November 5, 2024 and sell it today you would earn a total of 77.00 from holding Hunan TV Broadcast or generate 11.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Beijing Yanjing Brewery
Performance |
| Timeline |
| Hunan TV Broadcast |
| Beijing Yanjing Brewery |
Hunan TV and Beijing Yanjing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Beijing Yanjing
The main advantage of trading using opposite Hunan TV and Beijing Yanjing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Beijing Yanjing 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 Beijing Yanjing will offset losses from the drop in Beijing Yanjing's long position.| Hunan TV vs. Tibet Huayu Mining | Hunan TV vs. Hefei Metalforming Mach | Hunan TV vs. Air China Ltd | Hunan TV vs. Anhui Tongguan Copper |
| Beijing Yanjing vs. Hainan Mining Co | Beijing Yanjing vs. Zhejiang Construction Investment | Beijing Yanjing vs. Guangdong Jingyi Metal | Beijing Yanjing vs. Yoantion Industrial IncLtd |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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