Correlation Between Tianjin Ruixin and Shanghai Action
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianjin Ruixin Technology and Shanghai Action Education, you can compare the effects of market volatilities on Tianjin Ruixin and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and Shanghai Action.
Diversification Opportunities for Tianjin Ruixin and Shanghai Action
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Tianjin and Shanghai is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of Tianjin Ruixin i.e., Tianjin Ruixin and Shanghai Action go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and Shanghai Action
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to under-perform the Shanghai Action. In addition to that, Tianjin Ruixin is 1.8 times more volatile than Shanghai Action Education. It trades about -0.08 of its total potential returns per unit of risk. Shanghai Action Education is currently generating about 0.1 per unit of volatility. If you would invest 3,426 in Shanghai Action Education on October 28, 2024 and sell it today you would earn a total of 126.00 from holding Shanghai Action Education or generate 3.68% 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. Shanghai Action Education
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| Shanghai Action Education |
Tianjin Ruixin and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and Shanghai Action
The main advantage of trading using opposite Tianjin Ruixin and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Jahen Household Products | Shanghai Action vs. GRINM Semiconductor Materials | Shanghai Action vs. Southchip Semiconductor Technology | Shanghai Action vs. Anhui Deli Household |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |