Correlation Between Tangel Publishing and CITIC Securities
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By analyzing existing cross correlation between Tangel Publishing and CITIC Securities Co, you can compare the effects of market volatilities on Tangel Publishing and CITIC Securities 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 Tangel Publishing with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tangel Publishing and CITIC Securities.
Diversification Opportunities for Tangel Publishing and CITIC Securities
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tangel and CITIC is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Tangel Publishing and CITIC Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Tangel Publishing 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 Tangel Publishing are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Tangel Publishing i.e., Tangel Publishing and CITIC Securities go up and down completely randomly.
Pair Corralation between Tangel Publishing and CITIC Securities
Assuming the 90 days trading horizon Tangel Publishing is expected to under-perform the CITIC Securities. In addition to that, Tangel Publishing is 1.55 times more volatile than CITIC Securities Co. It trades about -0.16 of its total potential returns per unit of risk. CITIC Securities Co is currently generating about -0.2 per unit of volatility. If you would invest 2,992 in CITIC Securities Co on October 22, 2024 and sell it today you would lose (252.00) from holding CITIC Securities Co or give up 8.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tangel Publishing vs. CITIC Securities Co
Performance |
| Timeline |
| Tangel Publishing |
| CITIC Securities |
Tangel Publishing and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tangel Publishing and CITIC Securities
The main advantage of trading using opposite Tangel Publishing and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tangel Publishing position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.| Tangel Publishing vs. Guangzhou KingTeller Technology | Tangel Publishing vs. Kuangda Technology Group | Tangel Publishing vs. Jinhe Biotechnology Co | Tangel Publishing vs. Shanghai Rightongene Biotechnology |
| CITIC Securities vs. COL Digital Publishing | CITIC Securities vs. Beijing Kaiwen Education | CITIC Securities vs. Tangel Publishing | CITIC Securities vs. Heilongjiang Publishing Media |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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