Correlation Between Tongyu Communication and Shenyang Blue
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By analyzing existing cross correlation between Tongyu Communication and Shenyang Blue Silver, you can compare the effects of market volatilities on Tongyu Communication and Shenyang Blue 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 Shenyang Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and Shenyang Blue.
Diversification Opportunities for Tongyu Communication and Shenyang Blue
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tongyu and Shenyang is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication and Shenyang Blue Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Blue Silver 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 Shenyang Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Blue Silver has no effect on the direction of Tongyu Communication i.e., Tongyu Communication and Shenyang Blue go up and down completely randomly.
Pair Corralation between Tongyu Communication and Shenyang Blue
Assuming the 90 days trading horizon Tongyu Communication is expected to generate 1.0 times more return on investment than Shenyang Blue. However, Tongyu Communication is 1.0 times less risky than Shenyang Blue. It trades about -0.12 of its potential returns per unit of risk. Shenyang Blue Silver is currently generating about -0.21 per unit of risk. If you would invest 1,653 in Tongyu Communication on October 30, 2024 and sell it today you would lose (222.00) from holding Tongyu Communication or give up 13.43% 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. Shenyang Blue Silver
Performance |
| Timeline |
| Tongyu Communication |
| Shenyang Blue Silver |
Tongyu Communication and Shenyang Blue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and Shenyang Blue
The main advantage of trading using opposite Tongyu Communication and Shenyang Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication position performs unexpectedly, Shenyang Blue 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 Shenyang Blue will offset losses from the drop in Shenyang Blue'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 |
| Shenyang Blue vs. Anhui Transport Consulting | Shenyang Blue vs. Silkroad Visual Technology | Shenyang Blue vs. Dazhong Transportation Group | Shenyang Blue vs. Shanghai Broadband 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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