Correlation Between Changjiang Publishing and Shenzhen Sunlord
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By analyzing existing cross correlation between Changjiang Publishing Media and Shenzhen Sunlord Electronics, you can compare the effects of market volatilities on Changjiang Publishing and Shenzhen Sunlord 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 Shenzhen Sunlord. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Shenzhen Sunlord.
Diversification Opportunities for Changjiang Publishing and Shenzhen Sunlord
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Changjiang and Shenzhen is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Shenzhen Sunlord Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Sunlord Ele 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 Shenzhen Sunlord. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Sunlord Ele has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Shenzhen Sunlord go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Shenzhen Sunlord
Assuming the 90 days trading horizon Changjiang Publishing is expected to generate 33.0 times less return on investment than Shenzhen Sunlord. But when comparing it to its historical volatility, Changjiang Publishing Media is 1.22 times less risky than Shenzhen Sunlord. It trades about 0.01 of its potential returns per unit of risk. Shenzhen Sunlord Electronics is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,501 in Shenzhen Sunlord Electronics on September 3, 2024 and sell it today you would earn a total of 605.00 from holding Shenzhen Sunlord Electronics or generate 24.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Shenzhen Sunlord Electronics
Performance |
| Timeline |
| Changjiang Publishing |
| Shenzhen Sunlord Ele |
Changjiang Publishing and Shenzhen Sunlord Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Shenzhen Sunlord
The main advantage of trading using opposite Changjiang Publishing and Shenzhen Sunlord positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Shenzhen Sunlord 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 Shenzhen Sunlord will offset losses from the drop in Shenzhen Sunlord's long position.| Changjiang Publishing vs. Gansu Jiu Steel | Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. Aba Chemicals Corp | Changjiang Publishing vs. Loctek Ergonomic Technology |
| Shenzhen Sunlord vs. Semiconductor Manufacturing Electronics | Shenzhen Sunlord vs. Eastroc Beverage Group | Shenzhen Sunlord vs. Chongqing Brewery Co | Shenzhen Sunlord vs. Jinling Hotel Corp |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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