Correlation Between Ziel Home and Shenzhen Mindray
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By analyzing existing cross correlation between Ziel Home Furnishing and Shenzhen Mindray Bio Medical, you can compare the effects of market volatilities on Ziel Home and Shenzhen Mindray 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 Ziel Home with a short position of Shenzhen Mindray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ziel Home and Shenzhen Mindray.
Diversification Opportunities for Ziel Home and Shenzhen Mindray
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ziel and Shenzhen is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Ziel Home Furnishing and Shenzhen Mindray Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Mindray Bio and Ziel Home 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 Ziel Home Furnishing are associated (or correlated) with Shenzhen Mindray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Mindray Bio has no effect on the direction of Ziel Home i.e., Ziel Home and Shenzhen Mindray go up and down completely randomly.
Pair Corralation between Ziel Home and Shenzhen Mindray
Assuming the 90 days trading horizon Ziel Home Furnishing is expected to generate 1.36 times more return on investment than Shenzhen Mindray. However, Ziel Home is 1.36 times more volatile than Shenzhen Mindray Bio Medical. It trades about 0.14 of its potential returns per unit of risk. Shenzhen Mindray Bio Medical is currently generating about -0.08 per unit of risk. If you would invest 1,959 in Ziel Home Furnishing on August 25, 2024 and sell it today you would earn a total of 147.00 from holding Ziel Home Furnishing or generate 7.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ziel Home Furnishing vs. Shenzhen Mindray Bio Medical
Performance |
| Timeline |
| Ziel Home Furnishing |
| Shenzhen Mindray Bio |
Ziel Home and Shenzhen Mindray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ziel Home and Shenzhen Mindray
The main advantage of trading using opposite Ziel Home and Shenzhen Mindray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ziel Home position performs unexpectedly, Shenzhen Mindray 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 Shenzhen Mindray will offset losses from the drop in Shenzhen Mindray's long position.| Ziel Home vs. Industrial and Commercial | Ziel Home vs. China Construction Bank | Ziel Home vs. Bank of China | Ziel Home vs. Agricultural Bank of |
| Shenzhen Mindray vs. Luolai Home Textile | Shenzhen Mindray vs. Ziel Home Furnishing | Shenzhen Mindray vs. Songz Automobile Air | Shenzhen Mindray vs. Guangdong Shenglu Telecommunication |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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