Correlation Between Chengtun Mining and Chinese Universe
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengtun Mining Group and Chinese Universe Publishing, you can compare the effects of market volatilities on Chengtun Mining and Chinese Universe 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 Chengtun Mining with a short position of Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Chinese Universe.
Diversification Opportunities for Chengtun Mining and Chinese Universe
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Chengtun and Chinese is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Chinese Universe go up and down completely randomly.
Pair Corralation between Chengtun Mining and Chinese Universe
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 1.38 times more return on investment than Chinese Universe. However, Chengtun Mining is 1.38 times more volatile than Chinese Universe Publishing. It trades about 0.02 of its potential returns per unit of risk. Chinese Universe Publishing is currently generating about -0.04 per unit of risk. If you would invest 465.00 in Chengtun Mining Group on October 12, 2024 and sell it today you would earn a total of 23.00 from holding Chengtun Mining Group or generate 4.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Chinese Universe Publishing
Performance |
| Timeline |
| Chengtun Mining Group |
| Chinese Universe Pub |
Chengtun Mining and Chinese Universe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Chinese Universe
The main advantage of trading using opposite Chengtun Mining and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.| Chengtun Mining vs. Hunan Investment Group | Chengtun Mining vs. Holitech Technology Co | Chengtun Mining vs. Dhc Software Co | Chengtun Mining vs. Metro Investment Development |
| Chinese Universe vs. Zhengzhou Coal Mining | Chinese Universe vs. Zijin Mining Group | Chinese Universe vs. Guangdong Silvere Sci | Chinese Universe vs. Chengtun Mining Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |