Correlation Between Chinese Universe and Yingde Greatchem
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By analyzing existing cross correlation between Chinese Universe Publishing and Yingde Greatchem Chemicals, you can compare the effects of market volatilities on Chinese Universe and Yingde Greatchem 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 Yingde Greatchem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and Yingde Greatchem.
Diversification Opportunities for Chinese Universe and Yingde Greatchem
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chinese and Yingde is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing and Yingde Greatchem Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yingde Greatchem Che 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 Yingde Greatchem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yingde Greatchem Che has no effect on the direction of Chinese Universe i.e., Chinese Universe and Yingde Greatchem go up and down completely randomly.
Pair Corralation between Chinese Universe and Yingde Greatchem
Assuming the 90 days trading horizon Chinese Universe Publishing is expected to generate 0.96 times more return on investment than Yingde Greatchem. However, Chinese Universe Publishing is 1.04 times less risky than Yingde Greatchem. It trades about 0.03 of its potential returns per unit of risk. Yingde Greatchem Chemicals is currently generating about -0.03 per unit of risk. If you would invest 913.00 in Chinese Universe Publishing on October 13, 2024 and sell it today you would earn a total of 269.00 from holding Chinese Universe Publishing or generate 29.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 79.08% |
| Values | Daily Returns |
Chinese Universe Publishing vs. Yingde Greatchem Chemicals
Performance |
| Timeline |
| Chinese Universe Pub |
| Yingde Greatchem Che |
Chinese Universe and Yingde Greatchem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and Yingde Greatchem
The main advantage of trading using opposite Chinese Universe and Yingde Greatchem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe position performs unexpectedly, Yingde Greatchem 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 Yingde Greatchem will offset losses from the drop in Yingde Greatchem's long position.| Chinese Universe vs. Beijing Bewinner Communications | Chinese Universe vs. Songz Automobile Air | Chinese Universe vs. Tianjin Silvery Dragon | Chinese Universe vs. Shenyang Blue Silver |
| Yingde Greatchem vs. Heilongjiang Publishing Media | Yingde Greatchem vs. Chinese Universe Publishing | Yingde Greatchem vs. Jiahe Foods Industry | Yingde Greatchem vs. Muyuan Foodstuff 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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