Correlation Between Chengdu Spaceon and Shanghai Yaoji
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By analyzing existing cross correlation between Chengdu Spaceon Electronics and Shanghai Yaoji Playing, you can compare the effects of market volatilities on Chengdu Spaceon and Shanghai Yaoji 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 Chengdu Spaceon with a short position of Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Spaceon and Shanghai Yaoji.
Diversification Opportunities for Chengdu Spaceon and Shanghai Yaoji
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Chengdu and Shanghai is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Spaceon Electronics and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing and Chengdu Spaceon 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 Chengdu Spaceon Electronics are associated (or correlated) with Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of Chengdu Spaceon i.e., Chengdu Spaceon and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between Chengdu Spaceon and Shanghai Yaoji
Assuming the 90 days trading horizon Chengdu Spaceon Electronics is expected to generate 0.81 times more return on investment than Shanghai Yaoji. However, Chengdu Spaceon Electronics is 1.24 times less risky than Shanghai Yaoji. It trades about 0.0 of its potential returns per unit of risk. Shanghai Yaoji Playing is currently generating about 0.0 per unit of risk. If you would invest 1,723 in Chengdu Spaceon Electronics on August 28, 2024 and sell it today you would lose (214.00) from holding Chengdu Spaceon Electronics or give up 12.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Spaceon Electronics vs. Shanghai Yaoji Playing
Performance |
| Timeline |
| Chengdu Spaceon Elec |
| Shanghai Yaoji Playing |
Chengdu Spaceon and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Spaceon and Shanghai Yaoji
The main advantage of trading using opposite Chengdu Spaceon and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Spaceon position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| Chengdu Spaceon vs. Shenzhen MYS Environmental | Chengdu Spaceon vs. AVIC Fund Management | Chengdu Spaceon vs. Shenzhen Bingchuan Network | Chengdu Spaceon vs. Penghua Shenzhen Energy |
| Shanghai Yaoji vs. Shenzhen MYS Environmental | Shanghai Yaoji vs. AVIC Fund Management | Shanghai Yaoji vs. Shenzhen Bingchuan Network | Shanghai Yaoji vs. Penghua Shenzhen Energy |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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