Correlation Between Changjiang Publishing and XiaMen HongXin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Changjiang Publishing Media and XiaMen HongXin Electron tech, you can compare the effects of market volatilities on Changjiang Publishing and XiaMen HongXin 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 XiaMen HongXin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and XiaMen HongXin.
Diversification Opportunities for Changjiang Publishing and XiaMen HongXin
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Changjiang and XiaMen is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and XiaMen HongXin Electron tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XiaMen HongXin Electron 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 XiaMen HongXin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XiaMen HongXin Electron has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and XiaMen HongXin go up and down completely randomly.
Pair Corralation between Changjiang Publishing and XiaMen HongXin
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the XiaMen HongXin. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Publishing Media is 3.16 times less risky than XiaMen HongXin. The stock trades about -0.12 of its potential returns per unit of risk. The XiaMen HongXin Electron tech is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,212 in XiaMen HongXin Electron tech on November 3, 2024 and sell it today you would lose (65.00) from holding XiaMen HongXin Electron tech or give up 2.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. XiaMen HongXin Electron tech
Performance |
| Timeline |
| Changjiang Publishing |
| XiaMen HongXin Electron |
Changjiang Publishing and XiaMen HongXin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and XiaMen HongXin
The main advantage of trading using opposite Changjiang Publishing and XiaMen HongXin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, XiaMen HongXin 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 XiaMen HongXin will offset losses from the drop in XiaMen HongXin's long position.| Changjiang Publishing vs. Yan Tai Shuang | Changjiang Publishing vs. Jiamei Food Packaging | Changjiang Publishing vs. JuneYao Dairy Co | Changjiang Publishing vs. Youyou Foods Co |
| XiaMen HongXin vs. Do Fluoride Chemicals Co | XiaMen HongXin vs. Porton Fine Chemicals | XiaMen HongXin vs. Techshine Electronics Co | XiaMen HongXin vs. Xinya Electronic Co |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |