Correlation Between Tianjin Hi and China Marine
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By analyzing existing cross correlation between Tianjin Hi Tech Development and China Marine Information, you can compare the effects of market volatilities on Tianjin Hi and China Marine 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 Tianjin Hi with a short position of China Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Hi and China Marine.
Diversification Opportunities for Tianjin Hi and China Marine
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Tianjin and China is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Hi Tech Development and China Marine Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Marine Information and Tianjin Hi 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 Tianjin Hi Tech Development are associated (or correlated) with China Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Marine Information has no effect on the direction of Tianjin Hi i.e., Tianjin Hi and China Marine go up and down completely randomly.
Pair Corralation between Tianjin Hi and China Marine
Assuming the 90 days trading horizon Tianjin Hi is expected to generate 1.04 times less return on investment than China Marine. In addition to that, Tianjin Hi is 1.02 times more volatile than China Marine Information. It trades about 0.08 of its total potential returns per unit of risk. China Marine Information is currently generating about 0.08 per unit of volatility. If you would invest 2,152 in China Marine Information on October 24, 2024 and sell it today you would earn a total of 468.00 from holding China Marine Information or generate 21.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Hi Tech Development vs. China Marine Information
Performance |
| Timeline |
| Tianjin Hi Tech |
| China Marine Information |
Tianjin Hi and China Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Hi and China Marine
The main advantage of trading using opposite Tianjin Hi and China Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Hi position performs unexpectedly, China Marine 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 Marine will offset losses from the drop in China Marine's long position.| Tianjin Hi vs. Guangzhou Jointas Chemical | Tianjin Hi vs. Gan Yuan Foods | Tianjin Hi vs. Guilin Seamild Foods | Tianjin Hi vs. Anji Foodstuff Co |
| China Marine vs. Leyard Optoelectronic | China Marine vs. Shanghai Shibei Hi Tech | China Marine vs. Tianjin Hi Tech Development | China Marine vs. Jiangxi Hengda Hi Tech |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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