Correlation Between Shenzhen MYS and 5I5j Holding
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By analyzing existing cross correlation between Shenzhen MYS Environmental and 5I5j Holding Group, you can compare the effects of market volatilities on Shenzhen MYS and 5I5j Holding 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 MYS with a short position of 5I5j Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and 5I5j Holding.
Diversification Opportunities for Shenzhen MYS and 5I5j Holding
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shenzhen and 5I5j is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and 5I5j Holding Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 5I5j Holding Group and Shenzhen MYS 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 MYS Environmental are associated (or correlated) with 5I5j Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 5I5j Holding Group has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and 5I5j Holding go up and down completely randomly.
Pair Corralation between Shenzhen MYS and 5I5j Holding
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 1.18 times more return on investment than 5I5j Holding. However, Shenzhen MYS is 1.18 times more volatile than 5I5j Holding Group. It trades about -0.26 of its potential returns per unit of risk. 5I5j Holding Group is currently generating about -0.33 per unit of risk. If you would invest 400.00 in Shenzhen MYS Environmental on October 17, 2024 and sell it today you would lose (69.00) from holding Shenzhen MYS Environmental or give up 17.25% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Shenzhen MYS Environmental vs. 5I5j Holding Group
Performance |
Timeline |
Shenzhen MYS Environ |
5I5j Holding Group |
Shenzhen MYS and 5I5j Holding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenzhen MYS and 5I5j Holding
The main advantage of trading using opposite Shenzhen MYS and 5I5j Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, 5I5j Holding 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 5I5j Holding will offset losses from the drop in 5I5j Holding's long position.Shenzhen MYS vs. Ligao Foods CoLtd | Shenzhen MYS vs. Heilongjiang Transport Development | Shenzhen MYS vs. Hangzhou Arcvideo Technology | Shenzhen MYS vs. Beijing Sanyuan Foods |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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