Correlation Between China National and Chengdu Xingrong
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By analyzing existing cross correlation between China National Software and Chengdu Xingrong Investment, you can compare the effects of market volatilities on China National and Chengdu Xingrong 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 China National with a short position of Chengdu Xingrong. Check out your portfolio center. Please also check ongoing floating volatility patterns of China National and Chengdu Xingrong.
Diversification Opportunities for China National and Chengdu Xingrong
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Chengdu is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding China National Software and Chengdu Xingrong Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Xingrong Inv and China National 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 China National Software are associated (or correlated) with Chengdu Xingrong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Xingrong Inv has no effect on the direction of China National i.e., China National and Chengdu Xingrong go up and down completely randomly.
Pair Corralation between China National and Chengdu Xingrong
If you would invest 0.00 in Chengdu Xingrong Investment on October 29, 2024 and sell it today you would earn a total of 0.00 from holding Chengdu Xingrong Investment or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.21% |
| Values | Daily Returns |
China National Software vs. Chengdu Xingrong Investment
Performance |
| Timeline |
| China National Software |
| Chengdu Xingrong Inv |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
China National and Chengdu Xingrong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China National and Chengdu Xingrong
The main advantage of trading using opposite China National and Chengdu Xingrong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China National position performs unexpectedly, Chengdu Xingrong 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 Chengdu Xingrong will offset losses from the drop in Chengdu Xingrong's long position.| China National vs. Shandong Hi Speed RoadBridge | China National vs. Hubeiyichang Transportation Group | China National vs. Wuxi Xuelang Environmental | China National vs. Chengdu Xinzhu RoadBridge |
| Chengdu Xingrong vs. Daoming OpticsChemical Co | Chengdu Xingrong vs. Tongling Nonferrous Metals | Chengdu Xingrong vs. Zhejiang Zhengguang Industrial | Chengdu Xingrong vs. Xilong Chemical 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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