Correlation Between Autek China and Dalian Zeus
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By analyzing existing cross correlation between Autek China and Dalian Zeus Entertainment, you can compare the effects of market volatilities on Autek China and Dalian Zeus 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 Autek China with a short position of Dalian Zeus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autek China and Dalian Zeus.
Diversification Opportunities for Autek China and Dalian Zeus
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Autek and Dalian is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Autek China and Dalian Zeus Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dalian Zeus Entertainment and Autek China 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 Autek China are associated (or correlated) with Dalian Zeus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dalian Zeus Entertainment has no effect on the direction of Autek China i.e., Autek China and Dalian Zeus go up and down completely randomly.
Pair Corralation between Autek China and Dalian Zeus
Assuming the 90 days trading horizon Autek China is expected to under-perform the Dalian Zeus. But the stock apears to be less risky and, when comparing its historical volatility, Autek China is 2.63 times less risky than Dalian Zeus. The stock trades about -0.08 of its potential returns per unit of risk. The Dalian Zeus Entertainment is currently generating about 0.47 of returns per unit of risk over similar time horizon. If you would invest 404.00 in Dalian Zeus Entertainment on September 12, 2024 and sell it today you would earn a total of 368.00 from holding Dalian Zeus Entertainment or generate 91.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autek China vs. Dalian Zeus Entertainment
Performance |
| Timeline |
| Autek China |
| Dalian Zeus Entertainment |
Autek China and Dalian Zeus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autek China and Dalian Zeus
The main advantage of trading using opposite Autek China and Dalian Zeus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autek China position performs unexpectedly, Dalian Zeus 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 Dalian Zeus will offset losses from the drop in Dalian Zeus' long position.| Autek China vs. Peoples Insurance of | Autek China vs. Guosheng Financial Holding | Autek China vs. Lier Chemical Co | Autek China vs. HeBei Jinniu Chemical |
| Dalian Zeus vs. Kweichow Moutai Co | Dalian Zeus vs. Shenzhen Mindray Bio Medical | Dalian Zeus vs. G bits Network Technology | Dalian Zeus vs. Beijing Roborock Technology |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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