Correlation Between Tianjin Hi and Ye Chiu
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By analyzing existing cross correlation between Tianjin Hi Tech Development and Ye Chiu Metal, you can compare the effects of market volatilities on Tianjin Hi and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Hi and Ye Chiu.
Diversification Opportunities for Tianjin Hi and Ye Chiu
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tianjin and 601388 is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Hi Tech Development and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Tianjin Hi i.e., Tianjin Hi and Ye Chiu go up and down completely randomly.
Pair Corralation between Tianjin Hi and Ye Chiu
Assuming the 90 days trading horizon Tianjin Hi Tech Development is expected to generate 1.22 times more return on investment than Ye Chiu. However, Tianjin Hi is 1.22 times more volatile than Ye Chiu Metal. It trades about 0.17 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.08 per unit of risk. If you would invest 286.00 in Tianjin Hi Tech Development on November 25, 2024 and sell it today you would earn a total of 10.00 from holding Tianjin Hi Tech Development or generate 3.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Tianjin Hi Tech Development vs. Ye Chiu Metal
Performance |
Timeline |
Tianjin Hi Tech |
Ye Chiu Metal |
Tianjin Hi and Ye Chiu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tianjin Hi and Ye Chiu
The main advantage of trading using opposite Tianjin Hi and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Hi position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.Tianjin Hi vs. Ping An Insurance | ||
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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