Correlation Between Tianjin Ruixin and Shenzhen Topway
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By analyzing existing cross correlation between Tianjin Ruixin Technology and Shenzhen Topway Video, you can compare the effects of market volatilities on Tianjin Ruixin and Shenzhen Topway 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 Tianjin Ruixin with a short position of Shenzhen Topway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and Shenzhen Topway.
Diversification Opportunities for Tianjin Ruixin and Shenzhen Topway
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tianjin and Shenzhen is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology and Shenzhen Topway Video in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Topway Video and Tianjin Ruixin 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 Tianjin Ruixin Technology are associated (or correlated) with Shenzhen Topway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Topway Video has no effect on the direction of Tianjin Ruixin i.e., Tianjin Ruixin and Shenzhen Topway go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and Shenzhen Topway
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to generate 1.01 times more return on investment than Shenzhen Topway. However, Tianjin Ruixin is 1.01 times more volatile than Shenzhen Topway Video. It trades about 0.03 of its potential returns per unit of risk. Shenzhen Topway Video is currently generating about 0.02 per unit of risk. If you would invest 1,284 in Tianjin Ruixin Technology on October 29, 2024 and sell it today you would earn a total of 191.00 from holding Tianjin Ruixin Technology or generate 14.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Ruixin Technology vs. Shenzhen Topway Video
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| Shenzhen Topway Video |
Tianjin Ruixin and Shenzhen Topway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and Shenzhen Topway
The main advantage of trading using opposite Tianjin Ruixin and Shenzhen Topway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin position performs unexpectedly, Shenzhen Topway 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 Shenzhen Topway will offset losses from the drop in Shenzhen Topway's long position.| Tianjin Ruixin vs. Chenzhou Jingui Silver | Tianjin Ruixin vs. JCHX Mining Management | Tianjin Ruixin vs. Olympic Circuit Technology | Tianjin Ruixin vs. Zijin Mining Group |
| Shenzhen Topway vs. Xinjiang Baodi Mining | Shenzhen Topway vs. Wintao Communications Co | Shenzhen Topway vs. Caihong Display Devices | Shenzhen Topway vs. Tianjin Hi Tech Development |
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 CEOs Directory module to screen CEOs from public companies around the world.
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