Correlation Between Mango Excellent and Guangdong Transtek
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By analyzing existing cross correlation between Mango Excellent Media and Guangdong Transtek Medical, you can compare the effects of market volatilities on Mango Excellent and Guangdong Transtek 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 Guangdong Transtek. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Guangdong Transtek.
Diversification Opportunities for Mango Excellent and Guangdong Transtek
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Mango and Guangdong is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Guangdong Transtek Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Transtek 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 Guangdong Transtek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Transtek has no effect on the direction of Mango Excellent i.e., Mango Excellent and Guangdong Transtek go up and down completely randomly.
Pair Corralation between Mango Excellent and Guangdong Transtek
Assuming the 90 days trading horizon Mango Excellent Media is expected to under-perform the Guangdong Transtek. But the stock apears to be less risky and, when comparing its historical volatility, Mango Excellent Media is 3.3 times less risky than Guangdong Transtek. The stock trades about -0.36 of its potential returns per unit of risk. The Guangdong Transtek Medical is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 1,487 in Guangdong Transtek Medical on October 12, 2024 and sell it today you would lose (254.00) from holding Guangdong Transtek Medical or give up 17.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Guangdong Transtek Medical
Performance |
| Timeline |
| Mango Excellent Media |
| Guangdong Transtek |
Mango Excellent and Guangdong Transtek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Guangdong Transtek
The main advantage of trading using opposite Mango Excellent and Guangdong Transtek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Guangdong Transtek 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 Transtek will offset losses from the drop in Guangdong Transtek's long position.| Mango Excellent vs. Agricultural Bank of | Mango Excellent vs. Panda Financial Holding | Mango Excellent vs. Postal Savings Bank | Mango Excellent vs. China Everbright Bank |
| Guangdong Transtek vs. Shenzhen Silver Basis | Guangdong Transtek vs. Tianjin Silvery Dragon | Guangdong Transtek vs. Mango Excellent Media | Guangdong Transtek vs. Jiangxi Naipu Mining |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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