Correlation Between ShuYu Civilian and Guangxi Guiguan
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By analyzing existing cross correlation between ShuYu Civilian Pharmacy and Guangxi Guiguan Electric, you can compare the effects of market volatilities on ShuYu Civilian and Guangxi Guiguan 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 Guangxi Guiguan. Check out your portfolio center. Please also check ongoing floating volatility patterns of ShuYu Civilian and Guangxi Guiguan.
Diversification Opportunities for ShuYu Civilian and Guangxi Guiguan
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between ShuYu and Guangxi is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding ShuYu Civilian Pharmacy and Guangxi Guiguan Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangxi Guiguan Electric 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 Guangxi Guiguan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangxi Guiguan Electric has no effect on the direction of ShuYu Civilian i.e., ShuYu Civilian and Guangxi Guiguan go up and down completely randomly.
Pair Corralation between ShuYu Civilian and Guangxi Guiguan
Assuming the 90 days trading horizon ShuYu Civilian Pharmacy is expected to generate 1.48 times more return on investment than Guangxi Guiguan. However, ShuYu Civilian is 1.48 times more volatile than Guangxi Guiguan Electric. It trades about -0.07 of its potential returns per unit of risk. Guangxi Guiguan Electric is currently generating about -0.18 per unit of risk. If you would invest 1,144 in ShuYu Civilian Pharmacy on November 5, 2024 and sell it today you would lose (30.00) from holding ShuYu Civilian Pharmacy or give up 2.62% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
ShuYu Civilian Pharmacy vs. Guangxi Guiguan Electric
Performance |
Timeline |
ShuYu Civilian Pharmacy |
Guangxi Guiguan Electric |
ShuYu Civilian and Guangxi Guiguan Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ShuYu Civilian and Guangxi Guiguan
The main advantage of trading using opposite ShuYu Civilian and Guangxi Guiguan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ShuYu Civilian position performs unexpectedly, Guangxi Guiguan 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 Guangxi Guiguan will offset losses from the drop in Guangxi Guiguan'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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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