Correlation Between Lootom Telcovideo and Chengdu Kanghua
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By analyzing existing cross correlation between Lootom Telcovideo Network and Chengdu Kanghua Biological, you can compare the effects of market volatilities on Lootom Telcovideo and Chengdu Kanghua 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 Lootom Telcovideo with a short position of Chengdu Kanghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lootom Telcovideo and Chengdu Kanghua.
Diversification Opportunities for Lootom Telcovideo and Chengdu Kanghua
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Lootom and Chengdu is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Lootom Telcovideo Network and Chengdu Kanghua Biological in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Kanghua Biol and Lootom Telcovideo 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 Lootom Telcovideo Network are associated (or correlated) with Chengdu Kanghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Kanghua Biol has no effect on the direction of Lootom Telcovideo i.e., Lootom Telcovideo and Chengdu Kanghua go up and down completely randomly.
Pair Corralation between Lootom Telcovideo and Chengdu Kanghua
Assuming the 90 days trading horizon Lootom Telcovideo Network is expected to generate 0.94 times more return on investment than Chengdu Kanghua. However, Lootom Telcovideo Network is 1.07 times less risky than Chengdu Kanghua. It trades about 0.04 of its potential returns per unit of risk. Chengdu Kanghua Biological is currently generating about -0.03 per unit of risk. If you would invest 628.00 in Lootom Telcovideo Network on November 28, 2024 and sell it today you would earn a total of 240.00 from holding Lootom Telcovideo Network or generate 38.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lootom Telcovideo Network vs. Chengdu Kanghua Biological
Performance |
| Timeline |
| Lootom Telcovideo Network |
| Chengdu Kanghua Biol |
Lootom Telcovideo and Chengdu Kanghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lootom Telcovideo and Chengdu Kanghua
The main advantage of trading using opposite Lootom Telcovideo and Chengdu Kanghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lootom Telcovideo position performs unexpectedly, Chengdu Kanghua 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 Chengdu Kanghua will offset losses from the drop in Chengdu Kanghua's long position.| Lootom Telcovideo vs. CareRay Digital Medical | Lootom Telcovideo vs. Guangzhou Boji Medical | Lootom Telcovideo vs. Cofoe Medical Technology | Lootom Telcovideo vs. Shenzhen Glory Medical |
| Chengdu Kanghua vs. Mingchen Health Co | Chengdu Kanghua vs. China Reform Health | Chengdu Kanghua vs. Beijing Sanyuan Foods | Chengdu Kanghua vs. Fujian Anjoy Foods |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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