Correlation Between YuantaP Shares and Cathay Bloomberg
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By analyzing existing cross correlation between YuantaP shares Taiwan Top and Cathay Bloomberg Barclays, you can compare the effects of market volatilities on YuantaP Shares and Cathay Bloomberg 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 YuantaP Shares with a short position of Cathay Bloomberg. Check out your portfolio center. Please also check ongoing floating volatility patterns of YuantaP Shares and Cathay Bloomberg.
Diversification Opportunities for YuantaP Shares and Cathay Bloomberg
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between YuantaP and Cathay is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding YuantaP shares Taiwan Top and Cathay Bloomberg Barclays in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cathay Bloomberg Barclays and YuantaP Shares 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 YuantaP shares Taiwan Top are associated (or correlated) with Cathay Bloomberg. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cathay Bloomberg Barclays has no effect on the direction of YuantaP Shares i.e., YuantaP Shares and Cathay Bloomberg go up and down completely randomly.
Pair Corralation between YuantaP Shares and Cathay Bloomberg
Assuming the 90 days trading horizon YuantaP shares Taiwan Top is expected to under-perform the Cathay Bloomberg. In addition to that, YuantaP Shares is 1.69 times more volatile than Cathay Bloomberg Barclays. It trades about -0.07 of its total potential returns per unit of risk. Cathay Bloomberg Barclays is currently generating about 0.08 per unit of volatility. If you would invest 3,193 in Cathay Bloomberg Barclays on August 28, 2024 and sell it today you would earn a total of 35.00 from holding Cathay Bloomberg Barclays or generate 1.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
YuantaP shares Taiwan Top vs. Cathay Bloomberg Barclays
Performance |
| Timeline |
| YuantaP shares Taiwan |
| Cathay Bloomberg Barclays |
YuantaP Shares and Cathay Bloomberg Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YuantaP Shares and Cathay Bloomberg
The main advantage of trading using opposite YuantaP Shares and Cathay Bloomberg positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YuantaP Shares position performs unexpectedly, Cathay Bloomberg 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 Cathay Bloomberg will offset losses from the drop in Cathay Bloomberg's long position.| YuantaP Shares vs. YuantaP shares MSCI Taiwan | YuantaP Shares vs. YuantaP shares Taiwan GreTai | YuantaP Shares vs. YuantaP shares SSE50 | YuantaP Shares vs. YuantaP shares Taiwan Mid Cap |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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