Correlation Between Changjiang Publishing and Malion New
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By analyzing existing cross correlation between Changjiang Publishing Media and Malion New Materials, you can compare the effects of market volatilities on Changjiang Publishing and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Malion New.
Diversification Opportunities for Changjiang Publishing and Malion New
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Changjiang and Malion is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Malion New go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Malion New
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 0.77 times more return on investment than Malion New. However, Changjiang Publishing Media is 1.29 times less risky than Malion New. It trades about 0.05 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.03 per unit of risk. If you would invest 562.00 in Changjiang Publishing Media on October 12, 2024 and sell it today you would earn a total of 285.00 from holding Changjiang Publishing Media or generate 50.71% 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. Malion New Materials
Performance |
| Timeline |
| Changjiang Publishing |
| Malion New Materials |
Changjiang Publishing and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Malion New
The main advantage of trading using opposite Changjiang Publishing and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New'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 |
| Malion New vs. Tangel Publishing | Malion New vs. Changjiang Publishing Media | Malion New vs. Jiangsu Phoenix Publishing | Malion New vs. Shanghai Yaoji Playing |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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