Correlation Between Beijing Bashi and Duzhe Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bashi Media and Duzhe Publishing Media, you can compare the effects of market volatilities on Beijing Bashi and Duzhe 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 Beijing Bashi with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and Duzhe Publishing.
Diversification Opportunities for Beijing Bashi and Duzhe Publishing
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Duzhe is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi Media and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media and Beijing Bashi 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 Beijing Bashi Media are associated (or correlated) with Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Beijing Bashi i.e., Beijing Bashi and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Beijing Bashi and Duzhe Publishing
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 1.16 times more return on investment than Duzhe Publishing. However, Beijing Bashi is 1.16 times more volatile than Duzhe Publishing Media. It trades about 0.02 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about 0.0 per unit of risk. If you would invest 520.00 in Beijing Bashi Media on September 4, 2024 and sell it today you would earn a total of 27.00 from holding Beijing Bashi Media or generate 5.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bashi Media vs. Duzhe Publishing Media
Performance |
| Timeline |
| Beijing Bashi Media |
| Duzhe Publishing Media |
Beijing Bashi and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and Duzhe Publishing
The main advantage of trading using opposite Beijing Bashi and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi position performs unexpectedly, Duzhe 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.| Beijing Bashi vs. Shanghai Rendu Biotechnology | Beijing Bashi vs. Suzhou Douson Drilling | Beijing Bashi vs. Anhui Gujing Distillery | Beijing Bashi vs. Ningxia Younglight Chemicals |
| Duzhe Publishing vs. China Railway Materials | Duzhe Publishing vs. Hangzhou Gaoxin Rubber | Duzhe Publishing vs. Guangzhou Seagull Kitchen | Duzhe Publishing vs. Marssenger Kitchenware 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |