Correlation Between Changjiang Publishing and Beijing Kaiwen
Specify exactly 2 symbols:
By analyzing existing cross correlation between Changjiang Publishing Media and Beijing Kaiwen Education, you can compare the effects of market volatilities on Changjiang Publishing and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Beijing Kaiwen.
Diversification Opportunities for Changjiang Publishing and Beijing Kaiwen
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Changjiang and Beijing is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Beijing Kaiwen
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Beijing Kaiwen. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Publishing Media is 1.42 times less risky than Beijing Kaiwen. The stock trades about -0.16 of its potential returns per unit of risk. The Beijing Kaiwen Education is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 449.00 in Beijing Kaiwen Education on October 26, 2024 and sell it today you would lose (2.00) from holding Beijing Kaiwen Education or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Changjiang Publishing |
| Beijing Kaiwen Education |
Changjiang Publishing and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Beijing Kaiwen
The main advantage of trading using opposite Changjiang Publishing and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's 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 |
| Beijing Kaiwen vs. Agricultural Bank of | Beijing Kaiwen vs. Industrial and Commercial | Beijing Kaiwen vs. Bank of China | Beijing Kaiwen vs. China Construction Bank |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |