Correlation Between CIMC Vehicles and Ziel Home
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By analyzing existing cross correlation between CIMC Vehicles Co and Ziel Home Furnishing, you can compare the effects of market volatilities on CIMC Vehicles and Ziel Home 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 CIMC Vehicles with a short position of Ziel Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Ziel Home.
Diversification Opportunities for CIMC Vehicles and Ziel Home
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CIMC and Ziel is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co and Ziel Home Furnishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ziel Home Furnishing and CIMC Vehicles 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 CIMC Vehicles Co are associated (or correlated) with Ziel Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ziel Home Furnishing has no effect on the direction of CIMC Vehicles i.e., CIMC Vehicles and Ziel Home go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Ziel Home
Assuming the 90 days trading horizon CIMC Vehicles is expected to generate 3.38 times less return on investment than Ziel Home. But when comparing it to its historical volatility, CIMC Vehicles Co is 1.19 times less risky than Ziel Home. It trades about 0.03 of its potential returns per unit of risk. Ziel Home Furnishing is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,628 in Ziel Home Furnishing on October 18, 2024 and sell it today you would earn a total of 365.00 from holding Ziel Home Furnishing or generate 22.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Ziel Home Furnishing
Performance |
| Timeline |
| CIMC Vehicles |
| Ziel Home Furnishing |
CIMC Vehicles and Ziel Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Ziel Home
The main advantage of trading using opposite CIMC Vehicles and Ziel Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles position performs unexpectedly, Ziel Home 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 Ziel Home will offset losses from the drop in Ziel Home's long position.| CIMC Vehicles vs. Eyebright Medical Technology | CIMC Vehicles vs. Xiamen Goldenhome Co | CIMC Vehicles vs. Tinavi Medical Technologies | CIMC Vehicles vs. Qumei Furniture Group |
| Ziel Home vs. Changchun Engley Automobile | Ziel Home vs. Jiangsu Xinri E Vehicle | Ziel Home vs. CIMC Vehicles Co | Ziel Home vs. Bloomage Biotechnology Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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