Correlation Between China World and Changshu Automotive
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By analyzing existing cross correlation between China World Trade and Changshu Automotive Trim, you can compare the effects of market volatilities on China World and Changshu Automotive 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 China World with a short position of Changshu Automotive. Check out your portfolio center. Please also check ongoing floating volatility patterns of China World and Changshu Automotive.
Diversification Opportunities for China World and Changshu Automotive
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and Changshu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China World Trade and Changshu Automotive Trim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changshu Automotive Trim and China World 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 China World Trade are associated (or correlated) with Changshu Automotive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changshu Automotive Trim has no effect on the direction of China World i.e., China World and Changshu Automotive go up and down completely randomly.
Pair Corralation between China World and Changshu Automotive
If you would invest 1,696 in China World Trade on December 4, 2024 and sell it today you would earn a total of 668.00 from holding China World Trade or generate 39.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
China World Trade vs. Changshu Automotive Trim
Performance |
| Timeline |
| China World Trade |
| Changshu Automotive Trim |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
China World and Changshu Automotive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China World and Changshu Automotive
The main advantage of trading using opposite China World and Changshu Automotive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China World position performs unexpectedly, Changshu Automotive 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 Changshu Automotive will offset losses from the drop in Changshu Automotive's long position.| China World vs. Pengxin International Mining | China World vs. Offshore Oil Engineering | China World vs. Shenzhen Kexin Communication | China World vs. Henan Provincial Communications |
| Changshu Automotive vs. Dhc Software Co | Changshu Automotive vs. Glodon Software Co | Changshu Automotive vs. Gansu Huangtai Wine marketing | Changshu Automotive vs. China National Software |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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