Correlation Between Marssenger Kitchenware and Beijing YanDong
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By analyzing existing cross correlation between Marssenger Kitchenware Co and Beijing YanDong MicroElectronic, you can compare the effects of market volatilities on Marssenger Kitchenware and Beijing YanDong 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 Marssenger Kitchenware with a short position of Beijing YanDong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and Beijing YanDong.
Diversification Opportunities for Marssenger Kitchenware and Beijing YanDong
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Marssenger and Beijing is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and Beijing YanDong MicroElectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing YanDong Micr and Marssenger Kitchenware 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 Marssenger Kitchenware Co are associated (or correlated) with Beijing YanDong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing YanDong Micr has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and Beijing YanDong go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and Beijing YanDong
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to under-perform the Beijing YanDong. In addition to that, Marssenger Kitchenware is 1.04 times more volatile than Beijing YanDong MicroElectronic. It trades about -0.04 of its total potential returns per unit of risk. Beijing YanDong MicroElectronic is currently generating about 0.01 per unit of volatility. If you would invest 2,105 in Beijing YanDong MicroElectronic on October 14, 2024 and sell it today you would lose (132.00) from holding Beijing YanDong MicroElectronic or give up 6.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. Beijing YanDong MicroElectroni
Performance |
| Timeline |
| Marssenger Kitchenware |
| Beijing YanDong Micr |
Marssenger Kitchenware and Beijing YanDong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and Beijing YanDong
The main advantage of trading using opposite Marssenger Kitchenware and Beijing YanDong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, Beijing YanDong 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 Beijing YanDong will offset losses from the drop in Beijing YanDong's long position.| Marssenger Kitchenware vs. Xinjiang Baodi Mining | Marssenger Kitchenware vs. Chengtun Mining Group | Marssenger Kitchenware vs. Uroica Mining Safety | Marssenger Kitchenware vs. Haima Automobile Group |
| Beijing YanDong vs. China Asset Management | Beijing YanDong vs. Luyin Investment Group | Beijing YanDong vs. Anhui Deli Household | Beijing YanDong vs. Marssenger Kitchenware 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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