Correlation Between Shanghai Shibei and Zhuhai Comleader
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By analyzing existing cross correlation between Shanghai Shibei Hi Tech and Zhuhai Comleader Information, you can compare the effects of market volatilities on Shanghai Shibei and Zhuhai Comleader 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 Shanghai Shibei with a short position of Zhuhai Comleader. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Shibei and Zhuhai Comleader.
Diversification Opportunities for Shanghai Shibei and Zhuhai Comleader
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shanghai and Zhuhai is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Shibei Hi Tech and Zhuhai Comleader Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuhai Comleader Inf and Shanghai Shibei 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 Shanghai Shibei Hi Tech are associated (or correlated) with Zhuhai Comleader. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuhai Comleader Inf has no effect on the direction of Shanghai Shibei i.e., Shanghai Shibei and Zhuhai Comleader go up and down completely randomly.
Pair Corralation between Shanghai Shibei and Zhuhai Comleader
Assuming the 90 days trading horizon Shanghai Shibei Hi Tech is expected to generate 0.88 times more return on investment than Zhuhai Comleader. However, Shanghai Shibei Hi Tech is 1.13 times less risky than Zhuhai Comleader. It trades about -0.28 of its potential returns per unit of risk. Zhuhai Comleader Information is currently generating about -0.3 per unit of risk. If you would invest 505.00 in Shanghai Shibei Hi Tech on October 25, 2024 and sell it today you would lose (62.00) from holding Shanghai Shibei Hi Tech or give up 12.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Shibei Hi Tech vs. Zhuhai Comleader Information
Performance |
| Timeline |
| Shanghai Shibei Hi |
| Zhuhai Comleader Inf |
Shanghai Shibei and Zhuhai Comleader Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Shibei and Zhuhai Comleader
The main advantage of trading using opposite Shanghai Shibei and Zhuhai Comleader positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Shibei position performs unexpectedly, Zhuhai Comleader 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 Zhuhai Comleader will offset losses from the drop in Zhuhai Comleader's long position.| Shanghai Shibei vs. Gansu Jiu Steel | Shanghai Shibei vs. Ming Yang Smart | Shanghai Shibei vs. Aba Chemicals Corp | Shanghai Shibei vs. Loctek Ergonomic Technology |
| Zhuhai Comleader vs. Kweichow Moutai Co | Zhuhai Comleader vs. NAURA Technology Group | Zhuhai Comleader vs. APT Medical | Zhuhai Comleader vs. BYD Co Ltd |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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