Correlation Between Guangdong Silvere and Shanghai Yanpu
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By analyzing existing cross correlation between Guangdong Silvere Sci and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Guangdong Silvere and Shanghai Yanpu 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 Guangdong Silvere with a short position of Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Silvere and Shanghai Yanpu.
Diversification Opportunities for Guangdong Silvere and Shanghai Yanpu
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and Shanghai is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Silvere Sci and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal and Guangdong Silvere 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 Guangdong Silvere Sci are associated (or correlated) with Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Guangdong Silvere i.e., Guangdong Silvere and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Guangdong Silvere and Shanghai Yanpu
Assuming the 90 days trading horizon Guangdong Silvere Sci is expected to under-perform the Shanghai Yanpu. In addition to that, Guangdong Silvere is 1.68 times more volatile than Shanghai Yanpu Metal. It trades about -0.34 of its total potential returns per unit of risk. Shanghai Yanpu Metal is currently generating about -0.19 per unit of volatility. If you would invest 3,887 in Shanghai Yanpu Metal on October 11, 2024 and sell it today you would lose (290.00) from holding Shanghai Yanpu Metal or give up 7.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Silvere Sci vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| Guangdong Silvere Sci |
| Shanghai Yanpu Metal |
Guangdong Silvere and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Silvere and Shanghai Yanpu
The main advantage of trading using opposite Guangdong Silvere and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Silvere position performs unexpectedly, Shanghai Yanpu 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 Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Guangdong Silvere vs. V V Food | Guangdong Silvere vs. Hunan Investment Group | Guangdong Silvere vs. Metro Investment Development | Guangdong Silvere vs. Suzhou Weizhixiang Food |
| Shanghai Yanpu vs. Jinhui Mining Co | Shanghai Yanpu vs. Guangdong Silvere Sci | Shanghai Yanpu vs. Gansu Huangtai Wine marketing | Shanghai Yanpu vs. Citic Guoan Wine |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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