Correlation Between Aba Chemicals and Southern PublishingMedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Aba Chemicals Corp and Southern PublishingMedia Co, you can compare the effects of market volatilities on Aba Chemicals and Southern PublishingMedia 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 Aba Chemicals with a short position of Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aba Chemicals and Southern PublishingMedia.
Diversification Opportunities for Aba Chemicals and Southern PublishingMedia
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Aba and Southern is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Aba Chemicals Corp and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia and Aba Chemicals 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 Aba Chemicals Corp are associated (or correlated) with Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Aba Chemicals i.e., Aba Chemicals and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Aba Chemicals and Southern PublishingMedia
Assuming the 90 days trading horizon Aba Chemicals Corp is expected to generate 1.02 times more return on investment than Southern PublishingMedia. However, Aba Chemicals is 1.02 times more volatile than Southern PublishingMedia Co. It trades about 0.01 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about -0.02 per unit of risk. If you would invest 890.00 in Aba Chemicals Corp on September 4, 2024 and sell it today you would lose (73.00) from holding Aba Chemicals Corp or give up 8.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aba Chemicals Corp vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Aba Chemicals Corp |
| Southern PublishingMedia |
Aba Chemicals and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aba Chemicals and Southern PublishingMedia
The main advantage of trading using opposite Aba Chemicals and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aba Chemicals position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Aba Chemicals vs. Shenzhen Bioeasy Biotechnology | Aba Chemicals vs. Shenzhen Noposion Agrochemicals | Aba Chemicals vs. Dymatic Chemicals | Aba Chemicals vs. North Huajin Chemical |
| Southern PublishingMedia vs. Ming Yang Smart | Southern PublishingMedia vs. 159681 | Southern PublishingMedia vs. 159005 | Southern PublishingMedia vs. 516220 |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |