Correlation Between ZYF Lopsking and Guangzhou KingTeller
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By analyzing existing cross correlation between ZYF Lopsking Aluminum and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on ZYF Lopsking and Guangzhou KingTeller 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 ZYF Lopsking with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZYF Lopsking and Guangzhou KingTeller.
Diversification Opportunities for ZYF Lopsking and Guangzhou KingTeller
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ZYF and Guangzhou is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding ZYF Lopsking Aluminum and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and ZYF Lopsking 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 ZYF Lopsking Aluminum are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of ZYF Lopsking i.e., ZYF Lopsking and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between ZYF Lopsking and Guangzhou KingTeller
Assuming the 90 days trading horizon ZYF Lopsking Aluminum is expected to generate 0.48 times more return on investment than Guangzhou KingTeller. However, ZYF Lopsking Aluminum is 2.09 times less risky than Guangzhou KingTeller. It trades about -0.4 of its potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about -0.28 per unit of risk. If you would invest 601.00 in ZYF Lopsking Aluminum on October 15, 2024 and sell it today you would lose (97.00) from holding ZYF Lopsking Aluminum or give up 16.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZYF Lopsking Aluminum vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| ZYF Lopsking Aluminum |
| Guangzhou KingTeller |
ZYF Lopsking and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZYF Lopsking and Guangzhou KingTeller
The main advantage of trading using opposite ZYF Lopsking and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZYF Lopsking position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| ZYF Lopsking vs. Tongyu Communication | ZYF Lopsking vs. Guangxi Wuzhou Communications | ZYF Lopsking vs. Allwin Telecommunication Co | ZYF Lopsking vs. Nanjing Putian Telecommunications |
| Guangzhou KingTeller vs. ZYF Lopsking Aluminum | Guangzhou KingTeller vs. Telling Telecommunication Holding | Guangzhou KingTeller vs. Quectel Wireless Solutions | Guangzhou KingTeller vs. Aluminum Corp of |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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