Correlation Between Pengxin International and Shenzhen Bioeasy
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By analyzing existing cross correlation between Pengxin International Mining and Shenzhen Bioeasy Biotechnology, you can compare the effects of market volatilities on Pengxin International and Shenzhen Bioeasy 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 Pengxin International with a short position of Shenzhen Bioeasy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Shenzhen Bioeasy.
Diversification Opportunities for Pengxin International and Shenzhen Bioeasy
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pengxin and Shenzhen is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Shenzhen Bioeasy Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Bioeasy Bio and Pengxin International 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 Pengxin International Mining are associated (or correlated) with Shenzhen Bioeasy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Bioeasy Bio has no effect on the direction of Pengxin International i.e., Pengxin International and Shenzhen Bioeasy go up and down completely randomly.
Pair Corralation between Pengxin International and Shenzhen Bioeasy
Assuming the 90 days trading horizon Pengxin International Mining is expected to under-perform the Shenzhen Bioeasy. In addition to that, Pengxin International is 1.11 times more volatile than Shenzhen Bioeasy Biotechnology. It trades about -0.06 of its total potential returns per unit of risk. Shenzhen Bioeasy Biotechnology is currently generating about -0.05 per unit of volatility. If you would invest 845.00 in Shenzhen Bioeasy Biotechnology on November 3, 2024 and sell it today you would lose (30.00) from holding Shenzhen Bioeasy Biotechnology or give up 3.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. Shenzhen Bioeasy Biotechnology
Performance |
| Timeline |
| Pengxin International |
| Shenzhen Bioeasy Bio |
Pengxin International and Shenzhen Bioeasy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Shenzhen Bioeasy
The main advantage of trading using opposite Pengxin International and Shenzhen Bioeasy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Shenzhen Bioeasy 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 Shenzhen Bioeasy will offset losses from the drop in Shenzhen Bioeasy's long position.| Pengxin International vs. Bangyan Technology Co | Pengxin International vs. Shandong Longquan Pipeline | Pengxin International vs. Qingdao Choho Industrial | Pengxin International vs. Hubei Forbon Technology |
| Shenzhen Bioeasy vs. PetroChina Co Ltd | Shenzhen Bioeasy vs. China Railway Construction | Shenzhen Bioeasy vs. China Mobile Limited | Shenzhen Bioeasy vs. Industrial and Commercial |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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