Correlation Between Shenzhen Glory and Changchun High
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By analyzing existing cross correlation between Shenzhen Glory Medical and Changchun High New, you can compare the effects of market volatilities on Shenzhen Glory and Changchun High 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 Glory with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Glory and Changchun High.
Diversification Opportunities for Shenzhen Glory and Changchun High
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Changchun is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Glory Medical and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Shenzhen Glory 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 Glory Medical are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Shenzhen Glory i.e., Shenzhen Glory and Changchun High go up and down completely randomly.
Pair Corralation between Shenzhen Glory and Changchun High
Assuming the 90 days trading horizon Shenzhen Glory Medical is expected to generate 0.96 times more return on investment than Changchun High. However, Shenzhen Glory Medical is 1.04 times less risky than Changchun High. It trades about 0.14 of its potential returns per unit of risk. Changchun High New is currently generating about 0.03 per unit of risk. If you would invest 319.00 in Shenzhen Glory Medical on September 3, 2024 and sell it today you would earn a total of 19.00 from holding Shenzhen Glory Medical or generate 5.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Glory Medical vs. Changchun High New
Performance |
| Timeline |
| Shenzhen Glory Medical |
| Changchun High New |
Shenzhen Glory and Changchun High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Glory and Changchun High
The main advantage of trading using opposite Shenzhen Glory and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Glory position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.| Shenzhen Glory vs. AVIC Fund Management | Shenzhen Glory vs. Sanbo Hospital Management | Shenzhen Glory vs. Easyhome New Retail | Shenzhen Glory vs. Harvest Fund Management |
| Changchun High vs. Guangzhou Restaurants Group | Changchun High vs. Suzhou Douson Drilling | Changchun High vs. Beijing Sanyuan Foods | Changchun High vs. Kingsignal Technology Co |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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