Correlation Between Lootom Telcovideo and Xingguang Agricultural
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By analyzing existing cross correlation between Lootom Telcovideo Network and Xingguang Agricultural Mach, you can compare the effects of market volatilities on Lootom Telcovideo and Xingguang Agricultural 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 Xingguang Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lootom Telcovideo and Xingguang Agricultural.
Diversification Opportunities for Lootom Telcovideo and Xingguang Agricultural
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Lootom and Xingguang is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Lootom Telcovideo Network and Xingguang Agricultural Mach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingguang Agricultural 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 Xingguang Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingguang Agricultural has no effect on the direction of Lootom Telcovideo i.e., Lootom Telcovideo and Xingguang Agricultural go up and down completely randomly.
Pair Corralation between Lootom Telcovideo and Xingguang Agricultural
Assuming the 90 days trading horizon Lootom Telcovideo Network is expected to generate 1.01 times more return on investment than Xingguang Agricultural. However, Lootom Telcovideo is 1.01 times more volatile than Xingguang Agricultural Mach. It trades about 0.13 of its potential returns per unit of risk. Xingguang Agricultural Mach is currently generating about -0.29 per unit of risk. If you would invest 809.00 in Lootom Telcovideo Network on October 22, 2024 and sell it today you would earn a total of 62.00 from holding Lootom Telcovideo Network or generate 7.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lootom Telcovideo Network vs. Xingguang Agricultural Mach
Performance |
| Timeline |
| Lootom Telcovideo Network |
| Xingguang Agricultural |
Lootom Telcovideo and Xingguang Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lootom Telcovideo and Xingguang Agricultural
The main advantage of trading using opposite Lootom Telcovideo and Xingguang Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lootom Telcovideo position performs unexpectedly, Xingguang Agricultural 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 Xingguang Agricultural will offset losses from the drop in Xingguang Agricultural's long position.| Lootom Telcovideo vs. Heilongjiang Publishing Media | Lootom Telcovideo vs. Sportsoul Co Ltd | Lootom Telcovideo vs. Chengdu B ray Media | Lootom Telcovideo vs. Duzhe Publishing Media |
| Xingguang Agricultural vs. Unisplendour Corp | Xingguang Agricultural vs. Shanghai V Test Semiconductor | Xingguang Agricultural vs. Union Semiconductor Co | Xingguang Agricultural vs. Panda Financial Holding |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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