Correlation Between Cultural Investment and Shijiazhuang Yiling
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By analyzing existing cross correlation between Cultural Investment Holdings and Shijiazhuang Yiling Pharmaceutical, you can compare the effects of market volatilities on Cultural Investment and Shijiazhuang Yiling 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 Cultural Investment with a short position of Shijiazhuang Yiling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cultural Investment and Shijiazhuang Yiling.
Diversification Opportunities for Cultural Investment and Shijiazhuang Yiling
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Cultural and Shijiazhuang is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Cultural Investment Holdings and Shijiazhuang Yiling Pharmaceut in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shijiazhuang Yiling and Cultural Investment 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 Cultural Investment Holdings are associated (or correlated) with Shijiazhuang Yiling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shijiazhuang Yiling has no effect on the direction of Cultural Investment i.e., Cultural Investment and Shijiazhuang Yiling go up and down completely randomly.
Pair Corralation between Cultural Investment and Shijiazhuang Yiling
Assuming the 90 days trading horizon Cultural Investment Holdings is expected to under-perform the Shijiazhuang Yiling. But the stock apears to be less risky and, when comparing its historical volatility, Cultural Investment Holdings is 1.07 times less risky than Shijiazhuang Yiling. The stock trades about -0.15 of its potential returns per unit of risk. The Shijiazhuang Yiling Pharmaceutical is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 1,632 in Shijiazhuang Yiling Pharmaceutical on October 20, 2024 and sell it today you would lose (57.00) from holding Shijiazhuang Yiling Pharmaceutical or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cultural Investment Holdings vs. Shijiazhuang Yiling Pharmaceut
Performance |
| Timeline |
| Cultural Investment |
| Shijiazhuang Yiling |
Cultural Investment and Shijiazhuang Yiling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cultural Investment and Shijiazhuang Yiling
The main advantage of trading using opposite Cultural Investment and Shijiazhuang Yiling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cultural Investment position performs unexpectedly, Shijiazhuang Yiling 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 Shijiazhuang Yiling will offset losses from the drop in Shijiazhuang Yiling's long position.| Cultural Investment vs. Eastroc Beverage Group | Cultural Investment vs. Guangzhou Automobile Group | Cultural Investment vs. Bomesc Offshore Engineering | Cultural Investment vs. Jinling Hotel Corp |
| Shijiazhuang Yiling vs. Industrial and Commercial | Shijiazhuang Yiling vs. China Construction Bank | Shijiazhuang Yiling vs. Agricultural Bank of | Shijiazhuang Yiling vs. Bank of China |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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