Correlation Between Time Publishing and Xiangyang Automobile
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By analyzing existing cross correlation between Time Publishing and and Xiangyang Automobile Bearing, you can compare the effects of market volatilities on Time Publishing and Xiangyang Automobile 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 Time Publishing with a short position of Xiangyang Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Time Publishing and Xiangyang Automobile.
Diversification Opportunities for Time Publishing and Xiangyang Automobile
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Time and Xiangyang is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Time Publishing and and Xiangyang Automobile Bearing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyang Automobile and Time Publishing 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 Time Publishing and are associated (or correlated) with Xiangyang Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyang Automobile has no effect on the direction of Time Publishing i.e., Time Publishing and Xiangyang Automobile go up and down completely randomly.
Pair Corralation between Time Publishing and Xiangyang Automobile
Assuming the 90 days trading horizon Time Publishing and is expected to under-perform the Xiangyang Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Time Publishing and is 1.16 times less risky than Xiangyang Automobile. The stock trades about -0.01 of its potential returns per unit of risk. The Xiangyang Automobile Bearing is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 567.00 in Xiangyang Automobile Bearing on September 4, 2024 and sell it today you would earn a total of 60.00 from holding Xiangyang Automobile Bearing or generate 10.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Time Publishing and vs. Xiangyang Automobile Bearing
Performance |
| Timeline |
| Time Publishing |
| Xiangyang Automobile |
Time Publishing and Xiangyang Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Time Publishing and Xiangyang Automobile
The main advantage of trading using opposite Time Publishing and Xiangyang Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Time Publishing position performs unexpectedly, Xiangyang Automobile 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 Xiangyang Automobile will offset losses from the drop in Xiangyang Automobile's long position.| Time Publishing vs. Ming Yang Smart | Time Publishing vs. 159681 | Time Publishing vs. 159005 | Time Publishing vs. 516220 |
| Xiangyang Automobile vs. Cultural Investment Holdings | Xiangyang Automobile vs. Gome Telecom Equipment | Xiangyang Automobile vs. Bus Online Co | Xiangyang Automobile vs. Holitech Technology 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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