Correlation Between Shenyang Blue and Industrial
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By analyzing existing cross correlation between Shenyang Blue Silver and Industrial and Commercial, you can compare the effects of market volatilities on Shenyang Blue and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Industrial.
Diversification Opportunities for Shenyang Blue and Industrial
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shenyang and Industrial is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Shenyang Blue i.e., Shenyang Blue and Industrial go up and down completely randomly.
Pair Corralation between Shenyang Blue and Industrial
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to under-perform the Industrial. In addition to that, Shenyang Blue is 1.95 times more volatile than Industrial and Commercial. It trades about -0.06 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.11 per unit of volatility. If you would invest 666.00 in Industrial and Commercial on November 3, 2024 and sell it today you would earn a total of 16.00 from holding Industrial and Commercial or generate 2.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. Industrial and Commercial
Performance |
| Timeline |
| Shenyang Blue Silver |
| Industrial and Commercial |
Shenyang Blue and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and Industrial
The main advantage of trading using opposite Shenyang Blue and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Shenyang Blue vs. Industrial and Commercial | Shenyang Blue vs. Kweichow Moutai Co | Shenyang Blue vs. Agricultural Bank of | Shenyang Blue vs. China Mobile Limited |
| Industrial vs. Hua Xia Bank | Industrial vs. GRG Banking Equipment | Industrial vs. Central Plains Environment | Industrial vs. Jiangsu Financial Leasing |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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