Correlation Between Lecron Energy and Beijing Enlight
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By analyzing existing cross correlation between Lecron Energy Saving and Beijing Enlight Media, you can compare the effects of market volatilities on Lecron Energy and Beijing Enlight 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 Lecron Energy with a short position of Beijing Enlight. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lecron Energy and Beijing Enlight.
Diversification Opportunities for Lecron Energy and Beijing Enlight
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Lecron and Beijing is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Lecron Energy Saving and Beijing Enlight Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Enlight Media and Lecron Energy 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 Lecron Energy Saving are associated (or correlated) with Beijing Enlight. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Enlight Media has no effect on the direction of Lecron Energy i.e., Lecron Energy and Beijing Enlight go up and down completely randomly.
Pair Corralation between Lecron Energy and Beijing Enlight
Assuming the 90 days trading horizon Lecron Energy Saving is expected to under-perform the Beijing Enlight. In addition to that, Lecron Energy is 1.42 times more volatile than Beijing Enlight Media. It trades about -0.08 of its total potential returns per unit of risk. Beijing Enlight Media is currently generating about -0.01 per unit of volatility. If you would invest 957.00 in Beijing Enlight Media on October 28, 2024 and sell it today you would lose (7.00) from holding Beijing Enlight Media or give up 0.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lecron Energy Saving vs. Beijing Enlight Media
Performance |
| Timeline |
| Lecron Energy Saving |
| Beijing Enlight Media |
Lecron Energy and Beijing Enlight Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lecron Energy and Beijing Enlight
The main advantage of trading using opposite Lecron Energy and Beijing Enlight positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lecron Energy position performs unexpectedly, Beijing Enlight 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 Beijing Enlight will offset losses from the drop in Beijing Enlight's long position.| Lecron Energy vs. UCloud Technology Co | Lecron Energy vs. Financial Street Holdings | Lecron Energy vs. GRG Banking Equipment | Lecron Energy vs. Uxi Unicomp Technology |
| Beijing Enlight vs. China State Construction | Beijing Enlight vs. Poly Real Estate | Beijing Enlight vs. China Vanke Co | Beijing Enlight vs. China Merchants Shekou |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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