Correlation Between Mango Excellent and Shantou Wanshun
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By analyzing existing cross correlation between Mango Excellent Media and Shantou Wanshun Package, you can compare the effects of market volatilities on Mango Excellent and Shantou Wanshun 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 Shantou Wanshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Shantou Wanshun.
Diversification Opportunities for Mango Excellent and Shantou Wanshun
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Mango and Shantou is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Shantou Wanshun Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shantou Wanshun Package 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 Shantou Wanshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shantou Wanshun Package has no effect on the direction of Mango Excellent i.e., Mango Excellent and Shantou Wanshun go up and down completely randomly.
Pair Corralation between Mango Excellent and Shantou Wanshun
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 0.89 times more return on investment than Shantou Wanshun. However, Mango Excellent Media is 1.12 times less risky than Shantou Wanshun. It trades about 0.02 of its potential returns per unit of risk. Shantou Wanshun Package is currently generating about -0.22 per unit of risk. If you would invest 2,764 in Mango Excellent Media on October 30, 2024 and sell it today you would earn a total of 14.00 from holding Mango Excellent Media or generate 0.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Shantou Wanshun Package
Performance |
| Timeline |
| Mango Excellent Media |
| Shantou Wanshun Package |
Mango Excellent and Shantou Wanshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Shantou Wanshun
The main advantage of trading using opposite Mango Excellent and Shantou Wanshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Shantou Wanshun 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 Shantou Wanshun will offset losses from the drop in Shantou Wanshun's long position.| Mango Excellent vs. Jilin Jlu Communication | Mango Excellent vs. Bank of Communications | Mango Excellent vs. Runjian Communication Co | Mango Excellent vs. Shanghai Rightongene Biotechnology |
| Shantou Wanshun vs. Nanxing Furniture Machinery | Shantou Wanshun vs. Xiwang Foodstuffs Co | Shantou Wanshun vs. Ziel Home Furnishing | Shantou Wanshun vs. Hunan Mendale Hometextile |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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