Correlation Between Chenzhou Jingui and China Merchants
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By analyzing existing cross correlation between Chenzhou Jingui Silver and China Merchants Shekou, you can compare the effects of market volatilities on Chenzhou Jingui and China Merchants 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 Chenzhou Jingui with a short position of China Merchants. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and China Merchants.
Diversification Opportunities for Chenzhou Jingui and China Merchants
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chenzhou and China is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver and China Merchants Shekou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Merchants Shekou and Chenzhou Jingui 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 Chenzhou Jingui Silver are associated (or correlated) with China Merchants. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Merchants Shekou has no effect on the direction of Chenzhou Jingui i.e., Chenzhou Jingui and China Merchants go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and China Merchants
Assuming the 90 days trading horizon Chenzhou Jingui Silver is expected to generate 1.38 times more return on investment than China Merchants. However, Chenzhou Jingui is 1.38 times more volatile than China Merchants Shekou. It trades about 0.08 of its potential returns per unit of risk. China Merchants Shekou is currently generating about 0.05 per unit of risk. If you would invest 360.00 in Chenzhou Jingui Silver on September 5, 2024 and sell it today you would earn a total of 20.00 from holding Chenzhou Jingui Silver or generate 5.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. China Merchants Shekou
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| China Merchants Shekou |
Chenzhou Jingui and China Merchants Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and China Merchants
The main advantage of trading using opposite Chenzhou Jingui and China Merchants positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui position performs unexpectedly, China Merchants 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 China Merchants will offset losses from the drop in China Merchants' long position.| Chenzhou Jingui vs. Zijin Mining Group | Chenzhou Jingui vs. Wanhua Chemical Group | Chenzhou Jingui vs. Baoshan Iron Steel | Chenzhou Jingui vs. Shandong Gold Mining |
| China Merchants vs. Shanghai CEO Environmental | China Merchants vs. Dongfeng Automobile Co | China Merchants vs. Huaxia Fund Management | China Merchants vs. Beijing Kaiwen Education |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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