Correlation Between Shenzhen Bioeasy and Wasu Media
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By analyzing existing cross correlation between Shenzhen Bioeasy Biotechnology and Wasu Media Holding, you can compare the effects of market volatilities on Shenzhen Bioeasy and Wasu Media 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 Shenzhen Bioeasy with a short position of Wasu Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Bioeasy and Wasu Media.
Diversification Opportunities for Shenzhen Bioeasy and Wasu Media
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Wasu is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Bioeasy Biotechnology and Wasu Media Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wasu Media Holding and Shenzhen Bioeasy 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 Shenzhen Bioeasy Biotechnology are associated (or correlated) with Wasu Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wasu Media Holding has no effect on the direction of Shenzhen Bioeasy i.e., Shenzhen Bioeasy and Wasu Media go up and down completely randomly.
Pair Corralation between Shenzhen Bioeasy and Wasu Media
Assuming the 90 days trading horizon Shenzhen Bioeasy Biotechnology is expected to under-perform the Wasu Media. In addition to that, Shenzhen Bioeasy is 1.57 times more volatile than Wasu Media Holding. It trades about -0.02 of its total potential returns per unit of risk. Wasu Media Holding is currently generating about 0.01 per unit of volatility. If you would invest 750.00 in Wasu Media Holding on October 30, 2024 and sell it today you would lose (31.00) from holding Wasu Media Holding or give up 4.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Bioeasy Biotechnology vs. Wasu Media Holding
Performance |
| Timeline |
| Shenzhen Bioeasy Bio |
| Wasu Media Holding |
Shenzhen Bioeasy and Wasu Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Bioeasy and Wasu Media
The main advantage of trading using opposite Shenzhen Bioeasy and Wasu Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Bioeasy position performs unexpectedly, Wasu Media 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 Wasu Media will offset losses from the drop in Wasu Media's long position.| Shenzhen Bioeasy vs. Dhc Software Co | Shenzhen Bioeasy vs. China World Trade | Shenzhen Bioeasy vs. JuneYao Dairy Co | Shenzhen Bioeasy vs. Youyou Foods Co |
| Wasu Media vs. Linewell Software Co | Wasu Media vs. Xiamen Insight Investment | Wasu Media vs. Beijing Mainstreets Investment | Wasu Media vs. Luyin Investment Group |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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