Correlation Between Guangdong TianYiMa and China International
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By analyzing existing cross correlation between Guangdong TianYiMa Information and China International Capital, you can compare the effects of market volatilities on Guangdong TianYiMa and China International 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 Guangdong TianYiMa with a short position of China International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong TianYiMa and China International.
Diversification Opportunities for Guangdong TianYiMa and China International
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangdong and China is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong TianYiMa Information and China International Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China International and Guangdong TianYiMa 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 Guangdong TianYiMa Information are associated (or correlated) with China International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China International has no effect on the direction of Guangdong TianYiMa i.e., Guangdong TianYiMa and China International go up and down completely randomly.
Pair Corralation between Guangdong TianYiMa and China International
Assuming the 90 days trading horizon Guangdong TianYiMa Information is expected to generate 2.01 times more return on investment than China International. However, Guangdong TianYiMa is 2.01 times more volatile than China International Capital. It trades about 0.26 of its potential returns per unit of risk. China International Capital is currently generating about -0.03 per unit of risk. If you would invest 2,459 in Guangdong TianYiMa Information on November 6, 2024 and sell it today you would earn a total of 276.00 from holding Guangdong TianYiMa Information or generate 11.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong TianYiMa Information vs. China International Capital
Performance |
| Timeline |
| Guangdong TianYiMa |
| China International |
Guangdong TianYiMa and China International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong TianYiMa and China International
The main advantage of trading using opposite Guangdong TianYiMa and China International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong TianYiMa position performs unexpectedly, China International 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 China International will offset losses from the drop in China International's long position.| Guangdong TianYiMa vs. Servyou Software Group | Guangdong TianYiMa vs. Chengdu Xingrong Investment | Guangdong TianYiMa vs. Jiangsu Yueda Investment | Guangdong TianYiMa vs. Zhejiang Construction Investment |
| China International vs. Xiamen Insight Investment | China International vs. Hunan Investment Group | China International vs. Qilu Bank Co | China International vs. Nuode Investment 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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