Correlation Between Changjiang Publishing and Mango Excellent
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By analyzing existing cross correlation between Changjiang Publishing Media and Mango Excellent Media, you can compare the effects of market volatilities on Changjiang Publishing and Mango Excellent 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 Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Mango Excellent.
Diversification Opportunities for Changjiang Publishing and Mango Excellent
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Changjiang and Mango is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media 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 Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Mango Excellent go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Mango Excellent
Assuming the 90 days trading horizon Changjiang Publishing is expected to generate 32.26 times less return on investment than Mango Excellent. But when comparing it to its historical volatility, Changjiang Publishing Media is 1.86 times less risky than Mango Excellent. It trades about 0.01 of its potential returns per unit of risk. Mango Excellent Media is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 1,851 in Mango Excellent Media on September 2, 2024 and sell it today you would earn a total of 1,031 from holding Mango Excellent Media or generate 55.7% 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. Mango Excellent Media
Performance |
| Timeline |
| Changjiang Publishing |
| Mango Excellent Media |
Changjiang Publishing and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Mango Excellent
The main advantage of trading using opposite Changjiang Publishing and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Changjiang Publishing vs. Cambricon Technologies Corp | Changjiang Publishing vs. Loongson Technology Corp | Changjiang Publishing vs. Shenzhen Fortune Trend | Changjiang Publishing vs. Chongqing Road Bridge |
| Mango Excellent vs. New China Life | Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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