Correlation Between Shenzhen Topway and Malion New
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By analyzing existing cross correlation between Shenzhen Topway Video and Malion New Materials, you can compare the effects of market volatilities on Shenzhen Topway and Malion New 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 Shenzhen Topway with a short position of Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Topway and Malion New.
Diversification Opportunities for Shenzhen Topway and Malion New
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Malion is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Topway Video and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials and Shenzhen Topway 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 Shenzhen Topway Video are associated (or correlated) with Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Shenzhen Topway i.e., Shenzhen Topway and Malion New go up and down completely randomly.
Pair Corralation between Shenzhen Topway and Malion New
Assuming the 90 days trading horizon Shenzhen Topway Video is expected to generate 1.16 times more return on investment than Malion New. However, Shenzhen Topway is 1.16 times more volatile than Malion New Materials. It trades about 0.01 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.01 per unit of risk. If you would invest 930.00 in Shenzhen Topway Video on August 27, 2024 and sell it today you would lose (8.00) from holding Shenzhen Topway Video or give up 0.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Topway Video vs. Malion New Materials
Performance |
| Timeline |
| Shenzhen Topway Video |
| Malion New Materials |
Shenzhen Topway and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Topway and Malion New
The main advantage of trading using opposite Shenzhen Topway and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Topway position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Shenzhen Topway vs. Lootom Telcovideo Network | Shenzhen Topway vs. Jinhui Mining Co | Shenzhen Topway vs. Zijin Mining Group | Shenzhen Topway vs. China Life Insurance |
| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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