Correlation Between Changjiang Publishing and Zhongrun Resources
Specify exactly 2 symbols:
By analyzing existing cross correlation between Changjiang Publishing Media and Zhongrun Resources Investment, you can compare the effects of market volatilities on Changjiang Publishing and Zhongrun Resources 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 Changjiang Publishing with a short position of Zhongrun Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Zhongrun Resources.
Diversification Opportunities for Changjiang Publishing and Zhongrun Resources
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Changjiang and Zhongrun is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Zhongrun Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongrun Resources and Changjiang 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 Changjiang Publishing Media are associated (or correlated) with Zhongrun Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongrun Resources has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Zhongrun Resources go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Zhongrun Resources
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Zhongrun Resources. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Publishing Media is 1.98 times less risky than Zhongrun Resources. The stock trades about -0.16 of its potential returns per unit of risk. The Zhongrun Resources Investment is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 397.00 in Zhongrun Resources Investment on November 1, 2024 and sell it today you would lose (6.00) from holding Zhongrun Resources Investment or give up 1.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Zhongrun Resources Investment
Performance |
| Timeline |
| Changjiang Publishing |
| Zhongrun Resources |
Changjiang Publishing and Zhongrun Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Zhongrun Resources
The main advantage of trading using opposite Changjiang Publishing and Zhongrun Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Zhongrun Resources 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 Zhongrun Resources will offset losses from the drop in Zhongrun Resources' long position.| Changjiang Publishing vs. Bus Online Co | Changjiang Publishing vs. Holitech Technology Co | Changjiang Publishing vs. Gome Telecom Equipment | Changjiang Publishing vs. Cultural Investment Holdings |
| Zhongrun Resources vs. Luyin Investment Group | Zhongrun Resources vs. Jiangsu Phoenix Publishing | Zhongrun Resources vs. Tangel Publishing | Zhongrun Resources vs. Changjiang Publishing Media |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |