Correlation Between Pengxin International and Time Publishing
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By analyzing existing cross correlation between Pengxin International Mining and Time Publishing and, you can compare the effects of market volatilities on Pengxin International and Time 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 Pengxin International with a short position of Time Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Time Publishing.
Diversification Opportunities for Pengxin International and Time Publishing
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Pengxin and Time is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Time Publishing and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Time Publishing 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 Time Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Time Publishing has no effect on the direction of Pengxin International i.e., Pengxin International and Time Publishing go up and down completely randomly.
Pair Corralation between Pengxin International and Time Publishing
Assuming the 90 days trading horizon Pengxin International Mining is expected to under-perform the Time Publishing. In addition to that, Pengxin International is 2.04 times more volatile than Time Publishing and. It trades about -0.19 of its total potential returns per unit of risk. Time Publishing and is currently generating about -0.19 per unit of volatility. If you would invest 882.00 in Time Publishing and on October 28, 2024 and sell it today you would lose (63.00) from holding Time Publishing and or give up 7.14% 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. Time Publishing and
Performance |
| Timeline |
| Pengxin International |
| Time Publishing |
Pengxin International and Time Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Time Publishing
The main advantage of trading using opposite Pengxin International and Time Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Time 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 Time Publishing will offset losses from the drop in Time Publishing's long position.| Pengxin International vs. Anhui Guofeng Plastic | Pengxin International vs. Anhui Fuhuang Steel | Pengxin International vs. Guangdong Liantai Environmental | Pengxin International vs. Western Metal Materials |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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