Correlation Between Guizhou Chanhen and Beijing Seeyon
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By analyzing existing cross correlation between Guizhou Chanhen Chemical and Beijing Seeyon Internet, you can compare the effects of market volatilities on Guizhou Chanhen and Beijing Seeyon 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 Guizhou Chanhen with a short position of Beijing Seeyon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guizhou Chanhen and Beijing Seeyon.
Diversification Opportunities for Guizhou Chanhen and Beijing Seeyon
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guizhou and Beijing is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guizhou Chanhen Chemical and Beijing Seeyon Internet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Seeyon Internet and Guizhou Chanhen 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 Guizhou Chanhen Chemical are associated (or correlated) with Beijing Seeyon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Seeyon Internet has no effect on the direction of Guizhou Chanhen i.e., Guizhou Chanhen and Beijing Seeyon go up and down completely randomly.
Pair Corralation between Guizhou Chanhen and Beijing Seeyon
Assuming the 90 days trading horizon Guizhou Chanhen Chemical is expected to under-perform the Beijing Seeyon. But the stock apears to be less risky and, when comparing its historical volatility, Guizhou Chanhen Chemical is 1.87 times less risky than Beijing Seeyon. The stock trades about -0.02 of its potential returns per unit of risk. The Beijing Seeyon Internet is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,100 in Beijing Seeyon Internet on October 26, 2024 and sell it today you would lose (100.00) from holding Beijing Seeyon Internet or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guizhou Chanhen Chemical vs. Beijing Seeyon Internet
Performance |
| Timeline |
| Guizhou Chanhen Chemical |
| Beijing Seeyon Internet |
Guizhou Chanhen and Beijing Seeyon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guizhou Chanhen and Beijing Seeyon
The main advantage of trading using opposite Guizhou Chanhen and Beijing Seeyon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guizhou Chanhen position performs unexpectedly, Beijing Seeyon 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 Beijing Seeyon will offset losses from the drop in Beijing Seeyon's long position.| Guizhou Chanhen vs. Zijin Mining Group | Guizhou Chanhen vs. Wanhua Chemical Group | Guizhou Chanhen vs. Baoshan Iron Steel | Guizhou Chanhen vs. Shandong Gold Mining |
| Beijing Seeyon vs. Fiberhome Telecommunication Technologies | Beijing Seeyon vs. Sinomach Automobile Co | Beijing Seeyon vs. Dazhong Transportation Group | Beijing Seeyon vs. Nanjing Putian Telecommunications |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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