Correlation Between Chenzhou Jingui and Shenzhen Silver
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By analyzing existing cross correlation between Chenzhou Jingui Silver and Shenzhen Silver Basis, you can compare the effects of market volatilities on Chenzhou Jingui and Shenzhen Silver 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 Shenzhen Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and Shenzhen Silver.
Diversification Opportunities for Chenzhou Jingui and Shenzhen Silver
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chenzhou and Shenzhen is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver and Shenzhen Silver Basis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Silver Basis 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 Shenzhen Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Silver Basis has no effect on the direction of Chenzhou Jingui i.e., Chenzhou Jingui and Shenzhen Silver go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and Shenzhen Silver
Assuming the 90 days trading horizon Chenzhou Jingui is expected to generate 1.18 times less return on investment than Shenzhen Silver. But when comparing it to its historical volatility, Chenzhou Jingui Silver is 1.55 times less risky than Shenzhen Silver. It trades about 0.05 of its potential returns per unit of risk. Shenzhen Silver Basis is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 741.00 in Shenzhen Silver Basis on October 16, 2024 and sell it today you would earn a total of 134.00 from holding Shenzhen Silver Basis or generate 18.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. Shenzhen Silver Basis
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| Shenzhen Silver Basis |
Chenzhou Jingui and Shenzhen Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and Shenzhen Silver
The main advantage of trading using opposite Chenzhou Jingui and Shenzhen Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui position performs unexpectedly, Shenzhen Silver 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 Shenzhen Silver will offset losses from the drop in Shenzhen Silver's long position.| Chenzhou Jingui vs. Guangdong Qunxing Toys | Chenzhou Jingui vs. Lecron Energy Saving | Chenzhou Jingui vs. Unisplendour Corp | Chenzhou Jingui vs. Ping An Insurance |
| Shenzhen Silver vs. Mengtian Home Group | Shenzhen Silver vs. Ziel Home Furnishing | Shenzhen Silver vs. Nanjing OLO Home | Shenzhen Silver vs. Tongyu Communication |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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