Correlation Between Tongyu Communication and Sichuan Jinshi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tongyu Communication and Sichuan Jinshi Technology, you can compare the effects of market volatilities on Tongyu Communication and Sichuan Jinshi 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 Tongyu Communication with a short position of Sichuan Jinshi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and Sichuan Jinshi.
Diversification Opportunities for Tongyu Communication and Sichuan Jinshi
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tongyu and Sichuan is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication and Sichuan Jinshi Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Jinshi Technology and Tongyu Communication 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 Tongyu Communication are associated (or correlated) with Sichuan Jinshi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Jinshi Technology has no effect on the direction of Tongyu Communication i.e., Tongyu Communication and Sichuan Jinshi go up and down completely randomly.
Pair Corralation between Tongyu Communication and Sichuan Jinshi
Assuming the 90 days trading horizon Tongyu Communication is expected to under-perform the Sichuan Jinshi. In addition to that, Tongyu Communication is 1.09 times more volatile than Sichuan Jinshi Technology. It trades about -0.13 of its total potential returns per unit of risk. Sichuan Jinshi Technology is currently generating about -0.11 per unit of volatility. If you would invest 668.00 in Sichuan Jinshi Technology on October 30, 2024 and sell it today you would lose (47.00) from holding Sichuan Jinshi Technology or give up 7.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongyu Communication vs. Sichuan Jinshi Technology
Performance |
| Timeline |
| Tongyu Communication |
| Sichuan Jinshi Technology |
Tongyu Communication and Sichuan Jinshi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and Sichuan Jinshi
The main advantage of trading using opposite Tongyu Communication and Sichuan Jinshi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication position performs unexpectedly, Sichuan Jinshi 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 Sichuan Jinshi will offset losses from the drop in Sichuan Jinshi's long position.| Tongyu Communication vs. Bus Online Co | Tongyu Communication vs. Holitech Technology Co | Tongyu Communication vs. Gome Telecom Equipment | Tongyu Communication vs. Cultural Investment Holdings |
| Sichuan Jinshi vs. Xiandai Investment Co | Sichuan Jinshi vs. Nuode Investment Co | Sichuan Jinshi vs. Harbin Hatou Investment | Sichuan Jinshi vs. Postal Savings Bank |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |