Correlation Between Shenzhen MYS and China Fund
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By analyzing existing cross correlation between Shenzhen MYS Environmental and China Fund Management, you can compare the effects of market volatilities on Shenzhen MYS and China Fund 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 China Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and China Fund.
Diversification Opportunities for Shenzhen MYS and China Fund
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shenzhen and China is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and China Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Fund Management 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 China Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Fund Management has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and China Fund go up and down completely randomly.
Pair Corralation between Shenzhen MYS and China Fund
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 12.9 times more return on investment than China Fund. However, Shenzhen MYS is 12.9 times more volatile than China Fund Management. It trades about 0.25 of its potential returns per unit of risk. China Fund Management is currently generating about 0.13 per unit of risk. If you would invest 325.00 in Shenzhen MYS Environmental on August 25, 2024 and sell it today you would earn a total of 50.00 from holding Shenzhen MYS Environmental or generate 15.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. China Fund Management
Performance |
| Timeline |
| Shenzhen MYS Environ |
| China Fund Management |
Shenzhen MYS and China Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and China Fund
The main advantage of trading using opposite Shenzhen MYS and China Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, China Fund 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 China Fund will offset losses from the drop in China Fund's long position.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| China Fund vs. Industrial and Commercial | China Fund vs. Kweichow Moutai Co | China Fund vs. Agricultural Bank of | China Fund vs. China Mobile Limited |
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.
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