Correlation Between Tianjin Realty and Sinocelltech
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By analyzing existing cross correlation between Tianjin Realty Development and Sinocelltech Group, you can compare the effects of market volatilities on Tianjin Realty and Sinocelltech 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 Realty with a short position of Sinocelltech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Sinocelltech.
Diversification Opportunities for Tianjin Realty and Sinocelltech
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tianjin and Sinocelltech is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development and Sinocelltech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinocelltech Group and Tianjin Realty 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 Realty Development are associated (or correlated) with Sinocelltech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinocelltech Group has no effect on the direction of Tianjin Realty i.e., Tianjin Realty and Sinocelltech go up and down completely randomly.
Pair Corralation between Tianjin Realty and Sinocelltech
Assuming the 90 days trading horizon Tianjin Realty Development is expected to generate 2.07 times more return on investment than Sinocelltech. However, Tianjin Realty is 2.07 times more volatile than Sinocelltech Group. It trades about 0.08 of its potential returns per unit of risk. Sinocelltech Group is currently generating about -0.06 per unit of risk. If you would invest 190.00 in Tianjin Realty Development on October 24, 2024 and sell it today you would earn a total of 35.00 from holding Tianjin Realty Development or generate 18.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Tianjin Realty Development vs. Sinocelltech Group
Performance |
| Timeline |
| Tianjin Realty Devel |
| Sinocelltech Group |
Tianjin Realty and Sinocelltech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Sinocelltech
The main advantage of trading using opposite Tianjin Realty and Sinocelltech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty position performs unexpectedly, Sinocelltech 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 Sinocelltech will offset losses from the drop in Sinocelltech's long position.| Tianjin Realty vs. Guangzhou Seagull Kitchen | Tianjin Realty vs. Cultural Investment Holdings | Tianjin Realty vs. Ziel Home Furnishing | Tianjin Realty vs. AUPU Home Style |
| Sinocelltech vs. Zhongjing Food Co | Sinocelltech vs. Northern United Publishing | Sinocelltech vs. Suzhou Weizhixiang Food | Sinocelltech vs. Xinhua Winshare Publishing |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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