Correlation Between Shenzhen Glory and Tieling Newcity
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By analyzing existing cross correlation between Shenzhen Glory Medical and Tieling Newcity Investment, you can compare the effects of market volatilities on Shenzhen Glory and Tieling Newcity 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 Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Glory and Tieling Newcity.
Diversification Opportunities for Shenzhen Glory and Tieling Newcity
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Tieling is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Glory Medical and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve 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 Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of Shenzhen Glory i.e., Shenzhen Glory and Tieling Newcity go up and down completely randomly.
Pair Corralation between Shenzhen Glory and Tieling Newcity
Assuming the 90 days trading horizon Shenzhen Glory Medical is expected to under-perform the Tieling Newcity. In addition to that, Shenzhen Glory is 1.03 times more volatile than Tieling Newcity Investment. It trades about -0.02 of its total potential returns per unit of risk. Tieling Newcity Investment is currently generating about 0.01 per unit of volatility. If you would invest 311.00 in Tieling Newcity Investment on October 26, 2024 and sell it today you would lose (11.00) from holding Tieling Newcity Investment or give up 3.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Glory Medical vs. Tieling Newcity Investment
Performance |
| Timeline |
| Shenzhen Glory Medical |
| Tieling Newcity Inve |
Shenzhen Glory and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Glory and Tieling Newcity
The main advantage of trading using opposite Shenzhen Glory and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Glory position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| Shenzhen Glory vs. Aba Chemicals Corp | Shenzhen Glory vs. Vohringer Home Technology | Shenzhen Glory vs. AUPU Home Style | Shenzhen Glory vs. Beijing Kingsoft Office |
| Tieling Newcity vs. Industrial and Commercial | Tieling Newcity vs. China Construction Bank | Tieling Newcity vs. Bank of China | Tieling Newcity vs. Agricultural Bank 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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