Correlation Between Guangxi Wuzhou and China Publishing
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By analyzing existing cross correlation between Guangxi Wuzhou Communications and China Publishing Media, you can compare the effects of market volatilities on Guangxi Wuzhou and China 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 Guangxi Wuzhou with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Wuzhou and China Publishing.
Diversification Opportunities for Guangxi Wuzhou and China Publishing
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Guangxi and China is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Wuzhou Communications and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and Guangxi Wuzhou 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 Guangxi Wuzhou Communications are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Guangxi Wuzhou i.e., Guangxi Wuzhou and China Publishing go up and down completely randomly.
Pair Corralation between Guangxi Wuzhou and China Publishing
Assuming the 90 days trading horizon Guangxi Wuzhou Communications is expected to generate 1.28 times more return on investment than China Publishing. However, Guangxi Wuzhou is 1.28 times more volatile than China Publishing Media. It trades about 0.14 of its potential returns per unit of risk. China Publishing Media is currently generating about -0.16 per unit of risk. If you would invest 378.00 in Guangxi Wuzhou Communications on October 16, 2024 and sell it today you would earn a total of 85.00 from holding Guangxi Wuzhou Communications or generate 22.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangxi Wuzhou Communications vs. China Publishing Media
Performance |
| Timeline |
| Guangxi Wuzhou Commu |
| China Publishing Media |
Guangxi Wuzhou and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Wuzhou and China Publishing
The main advantage of trading using opposite Guangxi Wuzhou and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Wuzhou position performs unexpectedly, China 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 China Publishing will offset losses from the drop in China Publishing's long position.| Guangxi Wuzhou vs. Jonjee Hi tech Industrial | Guangxi Wuzhou vs. Youyou Foods Co | Guangxi Wuzhou vs. Guangzhou Haige Communications | Guangxi Wuzhou vs. Beijing Sanyuan Foods |
| China Publishing vs. Wintao Communications Co | China Publishing vs. Guangxi Wuzhou Communications | China Publishing vs. Everjoy Health Group | China Publishing vs. Heren Health Co |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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