Correlation Between Guangdong Jingyi and Southern PublishingMedia
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Southern PublishingMedia Co, you can compare the effects of market volatilities on Guangdong Jingyi 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 Guangdong Jingyi with a short position of Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Southern PublishingMedia.
Diversification Opportunities for Guangdong Jingyi and Southern PublishingMedia
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and Southern is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia and Guangdong Jingyi 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 Guangdong Jingyi Metal 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 Guangdong Jingyi i.e., Guangdong Jingyi and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Southern PublishingMedia
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to under-perform the Southern PublishingMedia. In addition to that, Guangdong Jingyi is 2.06 times more volatile than Southern PublishingMedia Co. It trades about 0.0 of its total potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.08 per unit of volatility. If you would invest 1,467 in Southern PublishingMedia Co on October 23, 2024 and sell it today you would earn a total of 31.00 from holding Southern PublishingMedia Co or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Southern PublishingMedia |
Guangdong Jingyi and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Southern PublishingMedia
The main advantage of trading using opposite Guangdong Jingyi and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi 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.| Guangdong Jingyi vs. Guangzhou Haozhi Industrial | Guangdong Jingyi vs. Anhui Jinhe Industrial | Guangdong Jingyi vs. Hunan Tyen Machinery | Guangdong Jingyi vs. JS Corrugating Machinery |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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