Correlation Between ShuYu Civilian and Sichuan Qiaoyuan
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By analyzing existing cross correlation between ShuYu Civilian Pharmacy and Sichuan Qiaoyuan Gas, you can compare the effects of market volatilities on ShuYu Civilian and Sichuan Qiaoyuan 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 ShuYu Civilian with a short position of Sichuan Qiaoyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of ShuYu Civilian and Sichuan Qiaoyuan.
Diversification Opportunities for ShuYu Civilian and Sichuan Qiaoyuan
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between ShuYu and Sichuan is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding ShuYu Civilian Pharmacy and Sichuan Qiaoyuan Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Qiaoyuan Gas and ShuYu Civilian 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 ShuYu Civilian Pharmacy are associated (or correlated) with Sichuan Qiaoyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Qiaoyuan Gas has no effect on the direction of ShuYu Civilian i.e., ShuYu Civilian and Sichuan Qiaoyuan go up and down completely randomly.
Pair Corralation between ShuYu Civilian and Sichuan Qiaoyuan
Assuming the 90 days trading horizon ShuYu Civilian Pharmacy is expected to generate 0.83 times more return on investment than Sichuan Qiaoyuan. However, ShuYu Civilian Pharmacy is 1.2 times less risky than Sichuan Qiaoyuan. It trades about 0.0 of its potential returns per unit of risk. Sichuan Qiaoyuan Gas is currently generating about -0.07 per unit of risk. If you would invest 1,119 in ShuYu Civilian Pharmacy on November 4, 2024 and sell it today you would lose (5.00) from holding ShuYu Civilian Pharmacy or give up 0.45% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
ShuYu Civilian Pharmacy vs. Sichuan Qiaoyuan Gas
Performance |
Timeline |
ShuYu Civilian Pharmacy |
Sichuan Qiaoyuan Gas |
ShuYu Civilian and Sichuan Qiaoyuan Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ShuYu Civilian and Sichuan Qiaoyuan
The main advantage of trading using opposite ShuYu Civilian and Sichuan Qiaoyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ShuYu Civilian position performs unexpectedly, Sichuan Qiaoyuan 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 Sichuan Qiaoyuan will offset losses from the drop in Sichuan Qiaoyuan's long position.ShuYu Civilian vs. Shanghai Rongtai Health | ||
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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