Correlation Between Mango Excellent and Beijing Yanjing
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By analyzing existing cross correlation between Mango Excellent Media and Beijing Yanjing Brewery, you can compare the effects of market volatilities on Mango Excellent and Beijing Yanjing 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 Beijing Yanjing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Beijing Yanjing.
Diversification Opportunities for Mango Excellent and Beijing Yanjing
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mango and Beijing is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Beijing Yanjing Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Yanjing Brewery 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 Beijing Yanjing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Yanjing Brewery has no effect on the direction of Mango Excellent i.e., Mango Excellent and Beijing Yanjing go up and down completely randomly.
Pair Corralation between Mango Excellent and Beijing Yanjing
Assuming the 90 days trading horizon Mango Excellent Media is expected to under-perform the Beijing Yanjing. In addition to that, Mango Excellent is 1.45 times more volatile than Beijing Yanjing Brewery. It trades about -0.42 of its total potential returns per unit of risk. Beijing Yanjing Brewery is currently generating about 0.06 per unit of volatility. If you would invest 1,118 in Beijing Yanjing Brewery on October 14, 2024 and sell it today you would earn a total of 18.00 from holding Beijing Yanjing Brewery or generate 1.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Beijing Yanjing Brewery
Performance |
| Timeline |
| Mango Excellent Media |
| Beijing Yanjing Brewery |
Mango Excellent and Beijing Yanjing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Beijing Yanjing
The main advantage of trading using opposite Mango Excellent and Beijing Yanjing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Beijing Yanjing 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 Yanjing will offset losses from the drop in Beijing Yanjing's long position.| Mango Excellent vs. China Everbright Bank | Mango Excellent vs. Kuang Chi Technologies | Mango Excellent vs. Ningbo Tech Bank Co | Mango Excellent vs. Bank of Suzhou |
| Beijing Yanjing vs. Anhui Xinhua Media | Beijing Yanjing vs. Guangdong Jinma Entertainment | Beijing Yanjing vs. Mango Excellent Media | Beijing Yanjing vs. Suzhou Mingzhi Technology |
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 Stocks Directory module to find actively traded stocks across global markets.
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