Correlation Between Tsingtao Brewery and DO Home
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By analyzing existing cross correlation between Tsingtao Brewery Co and DO Home Collection, you can compare the effects of market volatilities on Tsingtao Brewery and DO Home 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 Tsingtao Brewery with a short position of DO Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and DO Home.
Diversification Opportunities for Tsingtao Brewery and DO Home
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tsingtao and 002798 is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery Co and DO Home Collection in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DO Home Collection and Tsingtao Brewery 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 Tsingtao Brewery Co are associated (or correlated) with DO Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DO Home Collection has no effect on the direction of Tsingtao Brewery i.e., Tsingtao Brewery and DO Home go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and DO Home
Assuming the 90 days trading horizon Tsingtao Brewery Co is expected to generate 0.58 times more return on investment than DO Home. However, Tsingtao Brewery Co is 1.73 times less risky than DO Home. It trades about 0.03 of its potential returns per unit of risk. DO Home Collection is currently generating about -0.03 per unit of risk. If you would invest 6,931 in Tsingtao Brewery Co on October 18, 2024 and sell it today you would earn a total of 551.00 from holding Tsingtao Brewery Co or generate 7.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. DO Home Collection
Performance |
| Timeline |
| Tsingtao Brewery |
| DO Home Collection |
Tsingtao Brewery and DO Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and DO Home
The main advantage of trading using opposite Tsingtao Brewery and DO Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery position performs unexpectedly, DO Home 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 DO Home will offset losses from the drop in DO Home's long position.| Tsingtao Brewery vs. Vohringer Home Technology | Tsingtao Brewery vs. China Eastern Airlines | Tsingtao Brewery vs. CSSC Offshore Marine | Tsingtao Brewery vs. Fiberhome Telecommunication Technologies |
| DO Home vs. Anhui Shiny Electronic | DO Home vs. Sharetronic Data Technology | DO Home vs. Aurora Optoelectronics Co | DO Home vs. Nantong Haixing Electronics |
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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