Correlation Between Elite Color and Shandong Gold
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By analyzing existing cross correlation between Elite Color Environmental and Shandong Gold Mining, you can compare the effects of market volatilities on Elite Color and Shandong Gold 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 Elite Color with a short position of Shandong Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elite Color and Shandong Gold.
Diversification Opportunities for Elite Color and Shandong Gold
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Elite and Shandong is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Elite Color Environmental and Shandong Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Gold Mining and Elite Color 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 Elite Color Environmental are associated (or correlated) with Shandong Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Gold Mining has no effect on the direction of Elite Color i.e., Elite Color and Shandong Gold go up and down completely randomly.
Pair Corralation between Elite Color and Shandong Gold
Assuming the 90 days trading horizon Elite Color Environmental is expected to generate 0.53 times more return on investment than Shandong Gold. However, Elite Color Environmental is 1.9 times less risky than Shandong Gold. It trades about 0.15 of its potential returns per unit of risk. Shandong Gold Mining is currently generating about 0.04 per unit of risk. If you would invest 629.00 in Elite Color Environmental on November 27, 2024 and sell it today you would earn a total of 16.00 from holding Elite Color Environmental or generate 2.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elite Color Environmental vs. Shandong Gold Mining
Performance |
| Timeline |
| Elite Color Environmental |
| Shandong Gold Mining |
Elite Color and Shandong Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elite Color and Shandong Gold
The main advantage of trading using opposite Elite Color and Shandong Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elite Color position performs unexpectedly, Shandong Gold 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 Gold will offset losses from the drop in Shandong Gold's long position.| Elite Color vs. Allied Machinery Co | Elite Color vs. New Hope Dairy | Elite Color vs. Huasi Agricultural Development | Elite Color vs. Ningbo Daye Garden |
| Shandong Gold vs. Central China Land | Shandong Gold vs. Medprin Regenerative Medical | Shandong Gold vs. Peoples Insurance of | Shandong Gold vs. Cofoe Medical 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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