Correlation Between Hunan TV and Yunnan Aluminium
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hunan TV Broadcast and Yunnan Aluminium Co, you can compare the effects of market volatilities on Hunan TV and Yunnan Aluminium 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 Yunnan Aluminium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Yunnan Aluminium.
Diversification Opportunities for Hunan TV and Yunnan Aluminium
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hunan and Yunnan is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Yunnan Aluminium Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Aluminium 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 Yunnan Aluminium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Aluminium has no effect on the direction of Hunan TV i.e., Hunan TV and Yunnan Aluminium go up and down completely randomly.
Pair Corralation between Hunan TV and Yunnan Aluminium
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to under-perform the Yunnan Aluminium. In addition to that, Hunan TV is 1.25 times more volatile than Yunnan Aluminium Co. It trades about -0.14 of its total potential returns per unit of risk. Yunnan Aluminium Co is currently generating about 0.37 per unit of volatility. If you would invest 1,417 in Yunnan Aluminium Co on October 22, 2024 and sell it today you would earn a total of 250.00 from holding Yunnan Aluminium Co or generate 17.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Yunnan Aluminium Co
Performance |
| Timeline |
| Hunan TV Broadcast |
| Yunnan Aluminium |
Hunan TV and Yunnan Aluminium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Yunnan Aluminium
The main advantage of trading using opposite Hunan TV and Yunnan Aluminium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Yunnan Aluminium 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 Yunnan Aluminium will offset losses from the drop in Yunnan Aluminium's long position.| Hunan TV vs. Zhongrun Resources Investment | Hunan TV vs. Jointo Energy Investment | Hunan TV vs. Wuhan Hvsen Biotechnology | Hunan TV vs. Jiangsu Yueda Investment |
| Yunnan Aluminium vs. Fujian Longzhou Transportation | Yunnan Aluminium vs. Hunan TV Broadcast | Yunnan Aluminium vs. Dazhong Transportation Group | Yunnan Aluminium vs. China Minmetals Rare |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |