Correlation Between Shenzhen MYS and Dynagreen Environmental
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Dynagreen Environmental Protection, you can compare the effects of market volatilities on Shenzhen MYS and Dynagreen Environmental 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 Dynagreen Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Dynagreen Environmental.
Diversification Opportunities for Shenzhen MYS and Dynagreen Environmental
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Dynagreen is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Dynagreen Environmental Protec in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dynagreen Environmental 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 Dynagreen Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dynagreen Environmental has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Dynagreen Environmental go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Dynagreen Environmental
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 1.78 times more return on investment than Dynagreen Environmental. However, Shenzhen MYS is 1.78 times more volatile than Dynagreen Environmental Protection. It trades about 0.07 of its potential returns per unit of risk. Dynagreen Environmental Protection is currently generating about -0.02 per unit of risk. If you would invest 249.00 in Shenzhen MYS Environmental on October 25, 2024 and sell it today you would earn a total of 89.00 from holding Shenzhen MYS Environmental or generate 35.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Dynagreen Environmental Protec
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Dynagreen Environmental |
Shenzhen MYS and Dynagreen Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Dynagreen Environmental
The main advantage of trading using opposite Shenzhen MYS and Dynagreen Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Dynagreen Environmental 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 Dynagreen Environmental will offset losses from the drop in Dynagreen Environmental's long position.| Shenzhen MYS vs. Shenyang Blue Silver | Shenzhen MYS vs. Beijing Kingsoft Office | Shenzhen MYS vs. Shengda Mining Co | Shenzhen MYS vs. Shenzhen Silver Basis |
| Dynagreen Environmental vs. Kweichow Moutai Co | Dynagreen Environmental vs. Contemporary Amperex Technology | Dynagreen Environmental vs. Beijing Roborock Technology | Dynagreen Environmental vs. BYD Co Ltd |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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