Correlation Between Sichuan Qiaoyuan and ShuYu Civilian
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By analyzing existing cross correlation between Sichuan Qiaoyuan Gas and ShuYu Civilian Pharmacy, you can compare the effects of market volatilities on Sichuan Qiaoyuan and ShuYu Civilian 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 Sichuan Qiaoyuan with a short position of ShuYu Civilian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Qiaoyuan and ShuYu Civilian.
Diversification Opportunities for Sichuan Qiaoyuan and ShuYu Civilian
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sichuan and ShuYu is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Qiaoyuan Gas and ShuYu Civilian Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ShuYu Civilian Pharmacy and Sichuan Qiaoyuan 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 Sichuan Qiaoyuan Gas are associated (or correlated) with ShuYu Civilian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ShuYu Civilian Pharmacy has no effect on the direction of Sichuan Qiaoyuan i.e., Sichuan Qiaoyuan and ShuYu Civilian go up and down completely randomly.
Pair Corralation between Sichuan Qiaoyuan and ShuYu Civilian
Assuming the 90 days trading horizon Sichuan Qiaoyuan Gas is expected to generate 1.01 times more return on investment than ShuYu Civilian. However, Sichuan Qiaoyuan is 1.01 times more volatile than ShuYu Civilian Pharmacy. It trades about -0.19 of its potential returns per unit of risk. ShuYu Civilian Pharmacy is currently generating about -0.2 per unit of risk. If you would invest 3,542 in Sichuan Qiaoyuan Gas on October 31, 2024 and sell it today you would lose (327.00) from holding Sichuan Qiaoyuan Gas or give up 9.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Qiaoyuan Gas vs. ShuYu Civilian Pharmacy
Performance |
| Timeline |
| Sichuan Qiaoyuan Gas |
| ShuYu Civilian Pharmacy |
Sichuan Qiaoyuan and ShuYu Civilian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Qiaoyuan and ShuYu Civilian
The main advantage of trading using opposite Sichuan Qiaoyuan and ShuYu Civilian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Qiaoyuan position performs unexpectedly, ShuYu Civilian 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 ShuYu Civilian will offset losses from the drop in ShuYu Civilian's long position.| Sichuan Qiaoyuan vs. CITIC Metal Co | Sichuan Qiaoyuan vs. Western Metal Materials | Sichuan Qiaoyuan vs. Offshore Oil Engineering | Sichuan Qiaoyuan vs. Heilongjiang Transport Development |
| ShuYu Civilian vs. Qijing Machinery | ShuYu Civilian vs. Ye Chiu Metal | ShuYu Civilian vs. XCMG Construction Machinery | ShuYu Civilian vs. Shandong Hongchuang Aluminum |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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