Correlation Between Tianjin Ruixin and Guangdong TianYiMa
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By analyzing existing cross correlation between Tianjin Ruixin Technology and Guangdong TianYiMa Information, you can compare the effects of market volatilities on Tianjin Ruixin and Guangdong TianYiMa 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 Guangdong TianYiMa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and Guangdong TianYiMa.
Diversification Opportunities for Tianjin Ruixin and Guangdong TianYiMa
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tianjin and Guangdong is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology and Guangdong TianYiMa Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong TianYiMa 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 Guangdong TianYiMa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong TianYiMa has no effect on the direction of Tianjin Ruixin i.e., Tianjin Ruixin and Guangdong TianYiMa go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and Guangdong TianYiMa
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to under-perform the Guangdong TianYiMa. In addition to that, Tianjin Ruixin is 1.09 times more volatile than Guangdong TianYiMa Information. It trades about -0.09 of its total potential returns per unit of risk. Guangdong TianYiMa Information is currently generating about -0.07 per unit of volatility. If you would invest 2,892 in Guangdong TianYiMa Information on October 30, 2024 and sell it today you would lose (157.00) from holding Guangdong TianYiMa Information or give up 5.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Ruixin Technology vs. Guangdong TianYiMa Information
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| Guangdong TianYiMa |
Tianjin Ruixin and Guangdong TianYiMa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and Guangdong TianYiMa
The main advantage of trading using opposite Tianjin Ruixin and Guangdong TianYiMa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin position performs unexpectedly, Guangdong TianYiMa 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 Guangdong TianYiMa will offset losses from the drop in Guangdong TianYiMa's long position.| Tianjin Ruixin vs. Zijin Mining Group | Tianjin Ruixin vs. Wanhua Chemical Group | Tianjin Ruixin vs. Baoshan Iron Steel | Tianjin Ruixin vs. Shandong Gold Mining |
| Guangdong TianYiMa vs. Namchow Food Group | Guangdong TianYiMa vs. Youyou Foods Co | Guangdong TianYiMa vs. HaiXin Foods Co | Guangdong TianYiMa vs. CITIC Metal Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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