Correlation Between Shenzhen MYS and Guangdong Marubi
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Shenzhen MYS and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Guangdong Marubi.
Diversification Opportunities for Shenzhen MYS and Guangdong Marubi
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Guangdong is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Guangdong Marubi
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.91 times more return on investment than Guangdong Marubi. However, Shenzhen MYS Environmental is 1.1 times less risky than Guangdong Marubi. It trades about 0.04 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about 0.01 per unit of risk. If you would invest 278.00 in Shenzhen MYS Environmental on September 20, 2024 and sell it today you would earn a total of 95.00 from holding Shenzhen MYS Environmental or generate 34.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Guangdong Marubi Bio |
Shenzhen MYS and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Guangdong Marubi
The main advantage of trading using opposite Shenzhen MYS and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Shenzhen MYS vs. Soyea Technology Co | Shenzhen MYS vs. Keeson Technology Corp | Shenzhen MYS vs. Will Semiconductor Co | Shenzhen MYS vs. Sportsoul Co Ltd |
| Guangdong Marubi vs. Grandblue Environment Co | Guangdong Marubi vs. Tianjin Capital Environmental | Guangdong Marubi vs. Shenzhen MYS Environmental | Guangdong Marubi vs. Der International Home |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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