Correlation Between Guilin Seamild and Shandong Publishing
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By analyzing existing cross correlation between Guilin Seamild Foods and Shandong Publishing Media, you can compare the effects of market volatilities on Guilin Seamild and Shandong Publishing 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 Guilin Seamild with a short position of Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guilin Seamild and Shandong Publishing.
Diversification Opportunities for Guilin Seamild and Shandong Publishing
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guilin and Shandong is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Guilin Seamild Foods and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media and Guilin Seamild 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 Guilin Seamild Foods are associated (or correlated) with Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Guilin Seamild i.e., Guilin Seamild and Shandong Publishing go up and down completely randomly.
Pair Corralation between Guilin Seamild and Shandong Publishing
Assuming the 90 days trading horizon Guilin Seamild is expected to generate 2.12 times less return on investment than Shandong Publishing. But when comparing it to its historical volatility, Guilin Seamild Foods is 1.05 times less risky than Shandong Publishing. It trades about 0.03 of its potential returns per unit of risk. Shandong Publishing Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 614.00 in Shandong Publishing Media on October 18, 2024 and sell it today you would earn a total of 393.00 from holding Shandong Publishing Media or generate 64.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Guilin Seamild Foods vs. Shandong Publishing Media
Performance |
Timeline |
Guilin Seamild Foods |
Shandong Publishing Media |
Guilin Seamild and Shandong Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guilin Seamild and Shandong Publishing
The main advantage of trading using opposite Guilin Seamild and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guilin Seamild position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.Guilin Seamild vs. Sanxiang Advanced Materials | Guilin Seamild vs. Heilongjiang Transport Development | Guilin Seamild vs. Hubeiyichang Transportation Group | Guilin Seamild vs. Chongqing Sulian Plastic |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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