Correlation Between Poly Real and Tianshan Aluminum
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By analyzing existing cross correlation between Poly Real Estate and Tianshan Aluminum Group, you can compare the effects of market volatilities on Poly Real and Tianshan Aluminum 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 Poly Real with a short position of Tianshan Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Poly Real and Tianshan Aluminum.
Diversification Opportunities for Poly Real and Tianshan Aluminum
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Poly and Tianshan is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Poly Real Estate and Tianshan Aluminum Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshan Aluminum and Poly Real 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 Poly Real Estate are associated (or correlated) with Tianshan Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshan Aluminum has no effect on the direction of Poly Real i.e., Poly Real and Tianshan Aluminum go up and down completely randomly.
Pair Corralation between Poly Real and Tianshan Aluminum
Assuming the 90 days trading horizon Poly Real Estate is expected to under-perform the Tianshan Aluminum. In addition to that, Poly Real is 1.02 times more volatile than Tianshan Aluminum Group. It trades about -0.04 of its total potential returns per unit of risk. Tianshan Aluminum Group is currently generating about 0.01 per unit of volatility. If you would invest 829.00 in Tianshan Aluminum Group on October 15, 2024 and sell it today you would lose (9.00) from holding Tianshan Aluminum Group or give up 1.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Poly Real Estate vs. Tianshan Aluminum Group
Performance |
| Timeline |
| Poly Real Estate |
| Tianshan Aluminum |
Poly Real and Tianshan Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Poly Real and Tianshan Aluminum
The main advantage of trading using opposite Poly Real and Tianshan Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Poly Real position performs unexpectedly, Tianshan Aluminum 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 Tianshan Aluminum will offset losses from the drop in Tianshan Aluminum's long position.| Poly Real vs. Dymatic Chemicals | Poly Real vs. Do Fluoride Chemicals Co | Poly Real vs. Hefei Metalforming Mach | Poly Real vs. Rising Nonferrous Metals |
| Tianshan Aluminum vs. Sportsoul Co Ltd | Tianshan Aluminum vs. Huaibei Mining Holdings | Tianshan Aluminum vs. Western Mining Co | Tianshan Aluminum vs. Shenyang Blue Silver |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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