Correlation Between Digiwin Software and Guangdong Wens
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By analyzing existing cross correlation between Digiwin Software Co and Guangdong Wens Foodstuff, you can compare the effects of market volatilities on Digiwin Software and Guangdong Wens 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 Digiwin Software with a short position of Guangdong Wens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and Guangdong Wens.
Diversification Opportunities for Digiwin Software and Guangdong Wens
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Digiwin and Guangdong is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and Guangdong Wens Foodstuff in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Wens Foodstuff and Digiwin Software 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 Digiwin Software Co are associated (or correlated) with Guangdong Wens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Wens Foodstuff has no effect on the direction of Digiwin Software i.e., Digiwin Software and Guangdong Wens go up and down completely randomly.
Pair Corralation between Digiwin Software and Guangdong Wens
Assuming the 90 days trading horizon Digiwin Software Co is expected to generate 1.75 times more return on investment than Guangdong Wens. However, Digiwin Software is 1.75 times more volatile than Guangdong Wens Foodstuff. It trades about 0.07 of its potential returns per unit of risk. Guangdong Wens Foodstuff is currently generating about -0.03 per unit of risk. If you would invest 1,584 in Digiwin Software Co on October 14, 2024 and sell it today you would earn a total of 738.00 from holding Digiwin Software Co or generate 46.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. Guangdong Wens Foodstuff
Performance |
| Timeline |
| Digiwin Software |
| Guangdong Wens Foodstuff |
Digiwin Software and Guangdong Wens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and Guangdong Wens
The main advantage of trading using opposite Digiwin Software and Guangdong Wens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, Guangdong Wens 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 Guangdong Wens will offset losses from the drop in Guangdong Wens' long position.| Digiwin Software vs. East Money Information | Digiwin Software vs. CITIC Guoan Information | Digiwin Software vs. Shenzhen SDG Information | Digiwin Software vs. Gansu Huangtai Wine marketing |
| Guangdong Wens vs. Digiwin Software Co | Guangdong Wens vs. Gansu Huangtai Wine marketing | Guangdong Wens vs. Glodon Software Co | Guangdong Wens vs. Fujian Boss Software |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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