Correlation Between Hunan TV and Henan Shuanghui
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By analyzing existing cross correlation between Hunan TV Broadcast and Henan Shuanghui Investment, you can compare the effects of market volatilities on Hunan TV and Henan Shuanghui 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 Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Henan Shuanghui.
Diversification Opportunities for Hunan TV and Henan Shuanghui
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hunan and Henan is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve 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 Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Hunan TV i.e., Hunan TV and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Hunan TV and Henan Shuanghui
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to under-perform the Henan Shuanghui. In addition to that, Hunan TV is 3.48 times more volatile than Henan Shuanghui Investment. It trades about -0.32 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about -0.22 per unit of volatility. If you would invest 2,612 in Henan Shuanghui Investment on October 17, 2024 and sell it today you would lose (111.00) from holding Henan Shuanghui Investment or give up 4.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Hunan TV Broadcast |
| Henan Shuanghui Inve |
Hunan TV and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Henan Shuanghui
The main advantage of trading using opposite Hunan TV and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Hunan TV vs. China Mobile Limited | Hunan TV vs. Vanfund Urban Investment | Hunan TV vs. Fibocom Wireless | Hunan TV vs. Wuhan Yangtze Communication |
| Henan Shuanghui vs. Hunan TV Broadcast | Henan Shuanghui vs. Tongyu Communication | Henan Shuanghui vs. China Mobile Limited | Henan Shuanghui vs. Iat Automobile Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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