Correlation Between Zhejiang Kingland and Changjiang Publishing
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Changjiang Publishing Media, you can compare the effects of market volatilities on Zhejiang Kingland and Changjiang Publishing 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 Zhejiang Kingland with a short position of Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Changjiang Publishing.
Diversification Opportunities for Zhejiang Kingland and Changjiang Publishing
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zhejiang and Changjiang is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing and Zhejiang Kingland 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 Zhejiang Kingland Pipeline are associated (or correlated) with Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of Zhejiang Kingland i.e., Zhejiang Kingland and Changjiang Publishing go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Changjiang Publishing
Assuming the 90 days trading horizon Zhejiang Kingland Pipeline is expected to generate 0.97 times more return on investment than Changjiang Publishing. However, Zhejiang Kingland Pipeline is 1.03 times less risky than Changjiang Publishing. It trades about 0.02 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.01 per unit of risk. If you would invest 549.00 in Zhejiang Kingland Pipeline on October 13, 2024 and sell it today you would earn a total of 13.00 from holding Zhejiang Kingland Pipeline or generate 2.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Changjiang Publishing Media
Performance |
| Timeline |
| Zhejiang Kingland |
| Changjiang Publishing |
Zhejiang Kingland and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Changjiang Publishing
The main advantage of trading using opposite Zhejiang Kingland and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| Zhejiang Kingland vs. Suzhou Industrial Park | Zhejiang Kingland vs. Miracll Chemicals Co | Zhejiang Kingland vs. Xinxiang Chemical Fiber | Zhejiang Kingland vs. China Minmetals Rare |
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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