Correlation Between Shandong Ruifeng and Mango Excellent
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By analyzing existing cross correlation between Shandong Ruifeng Chemical and Mango Excellent Media, you can compare the effects of market volatilities on Shandong Ruifeng and Mango Excellent 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 Shandong Ruifeng with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Ruifeng and Mango Excellent.
Diversification Opportunities for Shandong Ruifeng and Mango Excellent
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shandong and Mango is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Ruifeng Chemical and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media and Shandong Ruifeng 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 Shandong Ruifeng Chemical are associated (or correlated) with Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Shandong Ruifeng i.e., Shandong Ruifeng and Mango Excellent go up and down completely randomly.
Pair Corralation between Shandong Ruifeng and Mango Excellent
Assuming the 90 days trading horizon Shandong Ruifeng Chemical is expected to generate 1.72 times more return on investment than Mango Excellent. However, Shandong Ruifeng is 1.72 times more volatile than Mango Excellent Media. It trades about 0.26 of its potential returns per unit of risk. Mango Excellent Media is currently generating about 0.11 per unit of risk. If you would invest 991.00 in Shandong Ruifeng Chemical on August 28, 2024 and sell it today you would earn a total of 300.00 from holding Shandong Ruifeng Chemical or generate 30.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Ruifeng Chemical vs. Mango Excellent Media
Performance |
| Timeline |
| Shandong Ruifeng Chemical |
| Mango Excellent Media |
Shandong Ruifeng and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Ruifeng and Mango Excellent
The main advantage of trading using opposite Shandong Ruifeng and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Ruifeng position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Shandong Ruifeng vs. Bloomage Biotechnology Corp | Shandong Ruifeng vs. Unigroup Guoxin Microelectronics | Shandong Ruifeng vs. Epoxy Base Electronic | Shandong Ruifeng vs. Techshine Electronics Co |
| Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 | Mango Excellent vs. Loctek Ergonomic 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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