Correlation Between Chengdu Spaceon and Southern PublishingMedia
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By analyzing existing cross correlation between Chengdu Spaceon Electronics and Southern PublishingMedia Co, you can compare the effects of market volatilities on Chengdu Spaceon and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Spaceon and Southern PublishingMedia.
Diversification Opportunities for Chengdu Spaceon and Southern PublishingMedia
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chengdu and Southern is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Spaceon Electronics and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Chengdu Spaceon i.e., Chengdu Spaceon and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Chengdu Spaceon and Southern PublishingMedia
Assuming the 90 days trading horizon Chengdu Spaceon Electronics is expected to generate 0.76 times more return on investment than Southern PublishingMedia. However, Chengdu Spaceon Electronics is 1.32 times less risky than Southern PublishingMedia. It trades about 0.0 of its potential returns per unit of risk. Southern PublishingMedia Co 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 | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Spaceon Electronics vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Chengdu Spaceon Elec |
| Southern PublishingMedia |
Chengdu Spaceon and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Spaceon and Southern PublishingMedia
The main advantage of trading using opposite Chengdu Spaceon and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Spaceon position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia'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 |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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