Correlation Between Shenyang Blue and Chinese Universe
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By analyzing existing cross correlation between Shenyang Blue Silver and Chinese Universe Publishing, you can compare the effects of market volatilities on Shenyang Blue and Chinese Universe 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 Shenyang Blue with a short position of Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Chinese Universe.
Diversification Opportunities for Shenyang Blue and Chinese Universe
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenyang and Chinese is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub and Shenyang Blue 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 Shenyang Blue Silver are associated (or correlated) with Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Shenyang Blue i.e., Shenyang Blue and Chinese Universe go up and down completely randomly.
Pair Corralation between Shenyang Blue and Chinese Universe
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to generate 1.62 times more return on investment than Chinese Universe. However, Shenyang Blue is 1.62 times more volatile than Chinese Universe Publishing. It trades about 0.06 of its potential returns per unit of risk. Chinese Universe Publishing is currently generating about 0.03 per unit of risk. If you would invest 935.00 in Shenyang Blue Silver on October 13, 2024 and sell it today you would earn a total of 1,181 from holding Shenyang Blue Silver or generate 126.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. Chinese Universe Publishing
Performance |
| Timeline |
| Shenyang Blue Silver |
| Chinese Universe Pub |
Shenyang Blue and Chinese Universe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and Chinese Universe
The main advantage of trading using opposite Shenyang Blue and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.| Shenyang Blue vs. Ye Chiu Metal | Shenyang Blue vs. Shanghai Newtouch Software | Shenyang Blue vs. Guangdong Jingyi Metal | Shenyang Blue vs. Guotai Epoint Software |
| Chinese Universe vs. Beijing Bewinner Communications | Chinese Universe vs. Songz Automobile Air | Chinese Universe vs. Tianjin Silvery Dragon | Chinese Universe vs. Shenyang Blue Silver |
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 Positions Ratings module to 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.
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