Correlation Between Mango Excellent and Hua Xia
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By analyzing existing cross correlation between Mango Excellent Media and Hua Xia Bank, you can compare the effects of market volatilities on Mango Excellent and Hua Xia 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 Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Hua Xia.
Diversification Opportunities for Mango Excellent and Hua Xia
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Mango and Hua is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank 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 Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of Mango Excellent i.e., Mango Excellent and Hua Xia go up and down completely randomly.
Pair Corralation between Mango Excellent and Hua Xia
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 1.82 times more return on investment than Hua Xia. However, Mango Excellent is 1.82 times more volatile than Hua Xia Bank. It trades about 0.05 of its potential returns per unit of risk. Hua Xia Bank is currently generating about 0.09 per unit of risk. If you would invest 2,182 in Mango Excellent Media on October 13, 2024 and sell it today you would earn a total of 345.00 from holding Mango Excellent Media or generate 15.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Hua Xia Bank
Performance |
| Timeline |
| Mango Excellent Media |
| Hua Xia Bank |
Mango Excellent and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Hua Xia
The main advantage of trading using opposite Mango Excellent and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia'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 |
| Hua Xia vs. TongFu Microelectronics Co | Hua Xia vs. Shanghai Rightongene Biotechnology | Hua Xia vs. Maccura Biotechnology Co | Hua Xia vs. Jiangsu Jinling Sports |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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