Correlation Between Tianshan Aluminum and Postal Savings
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By analyzing existing cross correlation between Tianshan Aluminum Group and Postal Savings Bank, you can compare the effects of market volatilities on Tianshan Aluminum and Postal Savings 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 Tianshan Aluminum with a short position of Postal Savings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianshan Aluminum and Postal Savings.
Diversification Opportunities for Tianshan Aluminum and Postal Savings
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tianshan and Postal is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Tianshan Aluminum Group and Postal Savings Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Postal Savings Bank and Tianshan Aluminum 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 Tianshan Aluminum Group are associated (or correlated) with Postal Savings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Postal Savings Bank has no effect on the direction of Tianshan Aluminum i.e., Tianshan Aluminum and Postal Savings go up and down completely randomly.
Pair Corralation between Tianshan Aluminum and Postal Savings
Assuming the 90 days trading horizon Tianshan Aluminum is expected to generate 1.11 times less return on investment than Postal Savings. In addition to that, Tianshan Aluminum is 1.02 times more volatile than Postal Savings Bank. It trades about 0.03 of its total potential returns per unit of risk. Postal Savings Bank is currently generating about 0.03 per unit of volatility. If you would invest 555.00 in Postal Savings Bank on October 10, 2024 and sell it today you would earn a total of 4.00 from holding Postal Savings Bank or generate 0.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianshan Aluminum Group vs. Postal Savings Bank
Performance |
| Timeline |
| Tianshan Aluminum |
| Postal Savings Bank |
Tianshan Aluminum and Postal Savings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianshan Aluminum and Postal Savings
The main advantage of trading using opposite Tianshan Aluminum and Postal Savings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianshan Aluminum position performs unexpectedly, Postal Savings 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 Postal Savings will offset losses from the drop in Postal Savings' long position.| Tianshan Aluminum vs. Guangzhou Ruoyuchen Information | Tianshan Aluminum vs. Bus Online Co | Tianshan Aluminum vs. Gan Yuan Foods | Tianshan Aluminum vs. Spring Airlines Co |
| Postal Savings vs. Jiajia Food Group | Postal Savings vs. Tianshui Huatian Technology | Postal Savings vs. Kuangda Technology Group | Postal Savings vs. Offshore Oil Engineering |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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