Correlation Between Zhonghong Pulin and Industrial
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By analyzing existing cross correlation between Zhonghong Pulin Medical and Industrial and Commercial, you can compare the effects of market volatilities on Zhonghong Pulin and Industrial 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 Zhonghong Pulin with a short position of Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhonghong Pulin and Industrial.
Diversification Opportunities for Zhonghong Pulin and Industrial
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zhonghong and Industrial is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Zhonghong Pulin Medical and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial and Zhonghong Pulin 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 Zhonghong Pulin Medical are associated (or correlated) with Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Zhonghong Pulin i.e., Zhonghong Pulin and Industrial go up and down completely randomly.
Pair Corralation between Zhonghong Pulin and Industrial
Assuming the 90 days trading horizon Zhonghong Pulin is expected to generate 1.66 times less return on investment than Industrial. In addition to that, Zhonghong Pulin is 3.0 times more volatile than Industrial and Commercial. It trades about 0.02 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.09 per unit of volatility. If you would invest 479.00 in Industrial and Commercial on August 24, 2024 and sell it today you would earn a total of 134.00 from holding Industrial and Commercial or generate 27.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhonghong Pulin Medical vs. Industrial and Commercial
Performance |
| Timeline |
| Zhonghong Pulin Medical |
| Industrial and Commercial |
Zhonghong Pulin and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhonghong Pulin and Industrial
The main advantage of trading using opposite Zhonghong Pulin and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhonghong Pulin position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Zhonghong Pulin vs. China State Construction | Zhonghong Pulin vs. Poly Real Estate | Zhonghong Pulin vs. China Vanke Co | Zhonghong Pulin vs. China Merchants Shekou |
| Industrial vs. Jiangsu Financial Leasing | Industrial vs. Ningbo Tech Bank Co | Industrial vs. Zhonghong Pulin Medical | Industrial vs. Zhende Medical 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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