Correlation Between Shenzhen Topway and Southern PublishingMedia
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By analyzing existing cross correlation between Shenzhen Topway Video and Southern PublishingMedia Co, you can compare the effects of market volatilities on Shenzhen Topway and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Topway and Southern PublishingMedia.
Diversification Opportunities for Shenzhen Topway and Southern PublishingMedia
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Southern is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Topway Video and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Shenzhen Topway i.e., Shenzhen Topway and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Shenzhen Topway and Southern PublishingMedia
Assuming the 90 days trading horizon Shenzhen Topway is expected to generate 4.11 times less return on investment than Southern PublishingMedia. But when comparing it to its historical volatility, Shenzhen Topway Video is 1.08 times less risky than Southern PublishingMedia. It trades about 0.01 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 811.00 in Southern PublishingMedia Co on October 16, 2024 and sell it today you would earn a total of 608.00 from holding Southern PublishingMedia Co or generate 74.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Topway Video vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Shenzhen Topway Video |
| Southern PublishingMedia |
Shenzhen Topway and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Topway and Southern PublishingMedia
The main advantage of trading using opposite Shenzhen Topway and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Topway position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Shenzhen Topway vs. Hefei Metalforming Mach | Shenzhen Topway vs. China Everbright Bank | Shenzhen Topway vs. Hua Xia Bank | Shenzhen Topway vs. Hainan Mining 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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