Correlation Between Hunan TV and Gem Year
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By analyzing existing cross correlation between Hunan TV Broadcast and Gem Year Industrial Co, you can compare the effects of market volatilities on Hunan TV and Gem Year 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 Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Gem Year.
Diversification Opportunities for Hunan TV and Gem Year
Almost no diversification
The 3 months correlation between Hunan and Gem is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial 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 Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Hunan TV i.e., Hunan TV and Gem Year go up and down completely randomly.
Pair Corralation between Hunan TV and Gem Year
Assuming the 90 days trading horizon Hunan TV is expected to generate 1.72 times less return on investment than Gem Year. In addition to that, Hunan TV is 1.46 times more volatile than Gem Year Industrial Co. It trades about 0.08 of its total potential returns per unit of risk. Gem Year Industrial Co is currently generating about 0.21 per unit of volatility. If you would invest 371.00 in Gem Year Industrial Co on August 29, 2024 and sell it today you would earn a total of 72.00 from holding Gem Year Industrial Co or generate 19.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Gem Year Industrial Co
Performance |
| Timeline |
| Hunan TV Broadcast |
| Gem Year Industrial |
Hunan TV and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Gem Year
The main advantage of trading using opposite Hunan TV and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.| Hunan TV vs. Postal Savings Bank | Hunan TV vs. Duzhe Publishing Media | Hunan TV vs. Metro Investment Development | Hunan TV vs. Jiangsu Yueda Investment |
| Gem Year vs. PetroChina Co Ltd | Gem Year vs. China State Construction | Gem Year vs. China Mobile Limited | Gem Year vs. Industrial and Commercial |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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