Correlation Between Mango Excellent and North Huajin
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By analyzing existing cross correlation between Mango Excellent Media and North Huajin Chemical, you can compare the effects of market volatilities on Mango Excellent and North Huajin 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 Mango Excellent with a short position of North Huajin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and North Huajin.
Diversification Opportunities for Mango Excellent and North Huajin
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mango and North is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and North Huajin Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Huajin Chemical and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with North Huajin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Huajin Chemical has no effect on the direction of Mango Excellent i.e., Mango Excellent and North Huajin go up and down completely randomly.
Pair Corralation between Mango Excellent and North Huajin
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 0.81 times more return on investment than North Huajin. However, Mango Excellent Media is 1.23 times less risky than North Huajin. It trades about 0.12 of its potential returns per unit of risk. North Huajin Chemical is currently generating about 0.06 per unit of risk. If you would invest 2,561 in Mango Excellent Media on August 25, 2024 and sell it today you would earn a total of 188.00 from holding Mango Excellent Media or generate 7.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. North Huajin Chemical
Performance |
| Timeline |
| Mango Excellent Media |
| North Huajin Chemical |
Mango Excellent and North Huajin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and North Huajin
The main advantage of trading using opposite Mango Excellent and North Huajin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, North Huajin 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 North Huajin will offset losses from the drop in North Huajin's long position.| Mango Excellent vs. Ningbo Construction Co | Mango Excellent vs. Weichai Heavy Machinery | Mango Excellent vs. Anhui Transport Consulting | Mango Excellent vs. Hainan Haiqi Transportation |
| North Huajin vs. Zijin Mining Group | North Huajin vs. Wanhua Chemical Group | North Huajin vs. Shandong Gold Mining | North Huajin vs. Inner Mongolia BaoTou |
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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