Correlation Between Offcn Education and Shanghai Xinhua
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By analyzing existing cross correlation between Offcn Education Technology and Shanghai Xinhua Media, you can compare the effects of market volatilities on Offcn Education and Shanghai Xinhua 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 Offcn Education with a short position of Shanghai Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Offcn Education and Shanghai Xinhua.
Diversification Opportunities for Offcn Education and Shanghai Xinhua
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Offcn and Shanghai is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Offcn Education Technology and Shanghai Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Xinhua Media and Offcn Education 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 Offcn Education Technology are associated (or correlated) with Shanghai Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Xinhua Media has no effect on the direction of Offcn Education i.e., Offcn Education and Shanghai Xinhua go up and down completely randomly.
Pair Corralation between Offcn Education and Shanghai Xinhua
Assuming the 90 days trading horizon Offcn Education is expected to generate 1.98 times less return on investment than Shanghai Xinhua. In addition to that, Offcn Education is 1.1 times more volatile than Shanghai Xinhua Media. It trades about 0.09 of its total potential returns per unit of risk. Shanghai Xinhua Media is currently generating about 0.2 per unit of volatility. If you would invest 692.00 in Shanghai Xinhua Media on September 12, 2024 and sell it today you would earn a total of 133.00 from holding Shanghai Xinhua Media or generate 19.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Offcn Education Technology vs. Shanghai Xinhua Media
Performance |
| Timeline |
| Offcn Education Tech |
| Shanghai Xinhua Media |
Offcn Education and Shanghai Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Offcn Education and Shanghai Xinhua
The main advantage of trading using opposite Offcn Education and Shanghai Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Offcn Education position performs unexpectedly, Shanghai Xinhua 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 Shanghai Xinhua will offset losses from the drop in Shanghai Xinhua's long position.| Offcn Education vs. Xiangyang Automobile Bearing | Offcn Education vs. Haima Automobile Group | Offcn Education vs. CareRay Digital Medical | Offcn Education vs. Guangzhou Haige Communications |
| Shanghai Xinhua vs. Kweichow Moutai Co | Shanghai Xinhua vs. Shenzhen Mindray Bio Medical | Shanghai Xinhua vs. G bits Network Technology | Shanghai Xinhua vs. Beijing Roborock Technology |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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