Correlation Between Changjiang Publishing and Strait Innovation
Specify exactly 2 symbols:
By analyzing existing cross correlation between Changjiang Publishing Media and Strait Innovation Internet, you can compare the effects of market volatilities on Changjiang Publishing and Strait Innovation 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 Strait Innovation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Strait Innovation.
Diversification Opportunities for Changjiang Publishing and Strait Innovation
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Changjiang and Strait is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Strait Innovation Internet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Strait Innovation 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 Strait Innovation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Strait Innovation has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Strait Innovation go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Strait Innovation
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 0.44 times more return on investment than Strait Innovation. However, Changjiang Publishing Media is 2.28 times less risky than Strait Innovation. It trades about -0.14 of its potential returns per unit of risk. Strait Innovation Internet is currently generating about -0.22 per unit of risk. If you would invest 922.00 in Changjiang Publishing Media on October 12, 2024 and sell it today you would lose (48.00) from holding Changjiang Publishing Media or give up 5.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Strait Innovation Internet
Performance |
| Timeline |
| Changjiang Publishing |
| Strait Innovation |
Changjiang Publishing and Strait Innovation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Strait Innovation
The main advantage of trading using opposite Changjiang Publishing and Strait Innovation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Strait Innovation 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 Strait Innovation will offset losses from the drop in Strait Innovation's long position.| Changjiang Publishing vs. BeiGene | Changjiang Publishing vs. Kweichow Moutai Co | Changjiang Publishing vs. Beijing Roborock Technology | Changjiang Publishing vs. G bits Network Technology |
| Strait Innovation vs. Mango Excellent Media | Strait Innovation vs. Shandong Longquan Pipeline | Strait Innovation vs. Qilu Bank Co | Strait Innovation 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |