Correlation Between Zhejiang Construction and Guangzhou Shiyuan
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By analyzing existing cross correlation between Zhejiang Construction Investment and Guangzhou Shiyuan Electronic, you can compare the effects of market volatilities on Zhejiang Construction and Guangzhou Shiyuan 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 Zhejiang Construction with a short position of Guangzhou Shiyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Construction and Guangzhou Shiyuan.
Diversification Opportunities for Zhejiang Construction and Guangzhou Shiyuan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zhejiang and Guangzhou is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Construction Investme and Guangzhou Shiyuan Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Shiyuan and Zhejiang Construction 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 Zhejiang Construction Investment are associated (or correlated) with Guangzhou Shiyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Shiyuan has no effect on the direction of Zhejiang Construction i.e., Zhejiang Construction and Guangzhou Shiyuan go up and down completely randomly.
Pair Corralation between Zhejiang Construction and Guangzhou Shiyuan
If you would invest 948.00 in Zhejiang Construction Investment on September 15, 2024 and sell it today you would earn a total of 69.00 from holding Zhejiang Construction Investment or generate 7.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Zhejiang Construction Investme vs. Guangzhou Shiyuan Electronic
Performance |
Timeline |
Zhejiang Construction |
Guangzhou Shiyuan |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Zhejiang Construction and Guangzhou Shiyuan Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhejiang Construction and Guangzhou Shiyuan
The main advantage of trading using opposite Zhejiang Construction and Guangzhou Shiyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Construction position performs unexpectedly, Guangzhou Shiyuan 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 Guangzhou Shiyuan will offset losses from the drop in Guangzhou Shiyuan's long position.Zhejiang Construction vs. Lutian Machinery Co | ||
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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