Correlation Between Tonghua Grape and Shandong Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tonghua Grape Wine and Shandong Publishing Media, you can compare the effects of market volatilities on Tonghua Grape and Shandong Publishing 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 Tonghua Grape with a short position of Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tonghua Grape and Shandong Publishing.
Diversification Opportunities for Tonghua Grape and Shandong Publishing
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tonghua and Shandong is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Tonghua Grape Wine and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media and Tonghua Grape 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 Tonghua Grape Wine are associated (or correlated) with Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Tonghua Grape i.e., Tonghua Grape and Shandong Publishing go up and down completely randomly.
Pair Corralation between Tonghua Grape and Shandong Publishing
Assuming the 90 days trading horizon Tonghua Grape Wine is expected to under-perform the Shandong Publishing. In addition to that, Tonghua Grape is 1.11 times more volatile than Shandong Publishing Media. It trades about -0.21 of its total potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.06 per unit of volatility. If you would invest 1,154 in Shandong Publishing Media on November 3, 2024 and sell it today you would lose (35.00) from holding Shandong Publishing Media or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tonghua Grape Wine vs. Shandong Publishing Media
Performance |
| Timeline |
| Tonghua Grape Wine |
| Shandong Publishing Media |
Tonghua Grape and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tonghua Grape and Shandong Publishing
The main advantage of trading using opposite Tonghua Grape and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tonghua Grape position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Tonghua Grape vs. Shenzhen Noposion Agrochemicals | Tonghua Grape vs. Beijing Mainstreets Investment | Tonghua Grape vs. Beingmate Baby Child | Tonghua Grape vs. Shenzhen Zqgame |
| Shandong Publishing vs. Guocheng Mining Co | Shandong Publishing vs. Cultural Investment Holdings | Shandong Publishing vs. Bohai Leasing Co | Shandong Publishing vs. Chengdu Xingrong Investment |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |