Correlation Between Chinese Universe and Wuliangye Yibin
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By analyzing existing cross correlation between Chinese Universe Publishing and Wuliangye Yibin Co, you can compare the effects of market volatilities on Chinese Universe and Wuliangye Yibin 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 Chinese Universe with a short position of Wuliangye Yibin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and Wuliangye Yibin.
Diversification Opportunities for Chinese Universe and Wuliangye Yibin
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Chinese and Wuliangye is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing and Wuliangye Yibin Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuliangye Yibin and Chinese Universe 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 Chinese Universe Publishing are associated (or correlated) with Wuliangye Yibin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuliangye Yibin has no effect on the direction of Chinese Universe i.e., Chinese Universe and Wuliangye Yibin go up and down completely randomly.
Pair Corralation between Chinese Universe and Wuliangye Yibin
Assuming the 90 days trading horizon Chinese Universe Publishing is expected to under-perform the Wuliangye Yibin. In addition to that, Chinese Universe is 1.13 times more volatile than Wuliangye Yibin Co. It trades about -0.33 of its total potential returns per unit of risk. Wuliangye Yibin Co is currently generating about -0.14 per unit of volatility. If you would invest 15,397 in Wuliangye Yibin Co on August 28, 2024 and sell it today you would lose (1,017) from holding Wuliangye Yibin Co or give up 6.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chinese Universe Publishing vs. Wuliangye Yibin Co
Performance |
| Timeline |
| Chinese Universe Pub |
| Wuliangye Yibin |
Chinese Universe and Wuliangye Yibin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and Wuliangye Yibin
The main advantage of trading using opposite Chinese Universe and Wuliangye Yibin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe position performs unexpectedly, Wuliangye Yibin 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 Wuliangye Yibin will offset losses from the drop in Wuliangye Yibin's long position.| Chinese Universe vs. China State Construction | Chinese Universe vs. Huafa Industrial Co | Chinese Universe vs. China International Capital | Chinese Universe vs. Kweichow Moutai Co |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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