Correlation Between Shenzhen Zqgame and Shanghai Jinfeng
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By analyzing existing cross correlation between Shenzhen Zqgame and Shanghai Jinfeng Wine, you can compare the effects of market volatilities on Shenzhen Zqgame and Shanghai Jinfeng 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 Shenzhen Zqgame with a short position of Shanghai Jinfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Zqgame and Shanghai Jinfeng.
Diversification Opportunities for Shenzhen Zqgame and Shanghai Jinfeng
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and Shanghai is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Zqgame and Shanghai Jinfeng Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jinfeng Wine and Shenzhen Zqgame 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 Shenzhen Zqgame are associated (or correlated) with Shanghai Jinfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jinfeng Wine has no effect on the direction of Shenzhen Zqgame i.e., Shenzhen Zqgame and Shanghai Jinfeng go up and down completely randomly.
Pair Corralation between Shenzhen Zqgame and Shanghai Jinfeng
Assuming the 90 days trading horizon Shenzhen Zqgame is expected to generate 1.13 times more return on investment than Shanghai Jinfeng. However, Shenzhen Zqgame is 1.13 times more volatile than Shanghai Jinfeng Wine. It trades about -0.02 of its potential returns per unit of risk. Shanghai Jinfeng Wine is currently generating about -0.2 per unit of risk. If you would invest 1,639 in Shenzhen Zqgame on November 3, 2024 and sell it today you would lose (32.00) from holding Shenzhen Zqgame or give up 1.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Zqgame vs. Shanghai Jinfeng Wine
Performance |
| Timeline |
| Shenzhen Zqgame |
| Shanghai Jinfeng Wine |
Shenzhen Zqgame and Shanghai Jinfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Zqgame and Shanghai Jinfeng
The main advantage of trading using opposite Shenzhen Zqgame and Shanghai Jinfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Zqgame position performs unexpectedly, Shanghai Jinfeng 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 Jinfeng will offset losses from the drop in Shanghai Jinfeng's long position.| Shenzhen Zqgame vs. Sharetronic Data Technology | Shenzhen Zqgame vs. Xiangyu Medical Co | Shenzhen Zqgame vs. YLZ Information Tech | Shenzhen Zqgame vs. Allmed Medical Products |
| Shanghai Jinfeng vs. Jiangsu GDK Biotechnology | Shanghai Jinfeng vs. Chengdu Xingrong Investment | Shanghai Jinfeng vs. Sichuan Hebang Biotechnology | Shanghai Jinfeng vs. Nuode Investment Co |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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