Correlation Between GUOMAI Culture and Chengdu B
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By analyzing existing cross correlation between GUOMAI Culture Media and Chengdu B ray Media, you can compare the effects of market volatilities on GUOMAI Culture and Chengdu B 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 GUOMAI Culture with a short position of Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of GUOMAI Culture and Chengdu B.
Diversification Opportunities for GUOMAI Culture and Chengdu B
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GUOMAI and Chengdu is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding GUOMAI Culture Media and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray and GUOMAI Culture 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 GUOMAI Culture Media are associated (or correlated) with Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of GUOMAI Culture i.e., GUOMAI Culture and Chengdu B go up and down completely randomly.
Pair Corralation between GUOMAI Culture and Chengdu B
Assuming the 90 days trading horizon GUOMAI Culture Media is expected to under-perform the Chengdu B. In addition to that, GUOMAI Culture is 1.46 times more volatile than Chengdu B ray Media. It trades about -0.01 of its total potential returns per unit of risk. Chengdu B ray Media is currently generating about -0.01 per unit of volatility. If you would invest 552.00 in Chengdu B ray Media on October 16, 2024 and sell it today you would lose (122.00) from holding Chengdu B ray Media or give up 22.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GUOMAI Culture Media vs. Chengdu B ray Media
Performance |
| Timeline |
| GUOMAI Culture Media |
| Chengdu B ray |
GUOMAI Culture and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GUOMAI Culture and Chengdu B
The main advantage of trading using opposite GUOMAI Culture and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GUOMAI Culture position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.| GUOMAI Culture vs. GRINM Semiconductor Materials | GUOMAI Culture vs. StarPower Semiconductor | GUOMAI Culture vs. Semiconductor Manufacturing Intl | GUOMAI Culture vs. Will Semiconductor Co |
| Chengdu B vs. Vohringer Home Technology | Chengdu B vs. Arrow Home Group | Chengdu B vs. Zoy Home Furnishing | Chengdu B vs. Oppein Home 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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