Correlation Between TongFu Microelectronics and Zhejiang Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between TongFu Microelectronics Co and Zhejiang Publishing Media, you can compare the effects of market volatilities on TongFu Microelectronics 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 TongFu Microelectronics with a short position of Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of TongFu Microelectronics and Zhejiang Publishing.
Diversification Opportunities for TongFu Microelectronics and Zhejiang Publishing
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between TongFu and Zhejiang is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding TongFu Microelectronics 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 TongFu Microelectronics 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 TongFu Microelectronics 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 TongFu Microelectronics i.e., TongFu Microelectronics and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between TongFu Microelectronics and Zhejiang Publishing
Assuming the 90 days trading horizon TongFu Microelectronics Co is expected to generate 2.23 times more return on investment than Zhejiang Publishing. However, TongFu Microelectronics is 2.23 times more volatile than Zhejiang Publishing Media. It trades about 0.03 of its potential returns per unit of risk. Zhejiang Publishing Media is currently generating about -0.48 per unit of risk. If you would invest 2,850 in TongFu Microelectronics Co on October 16, 2024 and sell it today you would earn a total of 20.00 from holding TongFu Microelectronics Co or generate 0.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TongFu Microelectronics Co vs. Zhejiang Publishing Media
Performance |
| Timeline |
| TongFu Microelectronics |
| Zhejiang Publishing Media |
TongFu Microelectronics and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TongFu Microelectronics and Zhejiang Publishing
The main advantage of trading using opposite TongFu Microelectronics and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TongFu Microelectronics 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.| TongFu Microelectronics vs. China Life Insurance | TongFu Microelectronics vs. Ningbo Tech Bank Co | TongFu Microelectronics vs. Songz Automobile Air | TongFu Microelectronics vs. Queclink Wireless Solutions |
| Zhejiang Publishing vs. YiDong Electronics Technology | Zhejiang Publishing vs. Anhui Shiny Electronic | Zhejiang Publishing vs. TongFu Microelectronics Co | Zhejiang Publishing vs. Aurora Optoelectronics Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Stocks Directory Find actively traded stocks across global markets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |