Correlation Between Changjiang Publishing and Shenzhen
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By analyzing existing cross correlation between Changjiang Publishing Media and Shenzhen AV Display Co, you can compare the effects of market volatilities on Changjiang Publishing and Shenzhen 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 Shenzhen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Shenzhen.
Diversification Opportunities for Changjiang Publishing and Shenzhen
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Changjiang and Shenzhen is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Shenzhen AV Display Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen AV Display 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 Shenzhen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen AV Display has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Shenzhen go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Shenzhen
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 0.59 times more return on investment than Shenzhen. However, Changjiang Publishing Media is 1.69 times less risky than Shenzhen. It trades about 0.03 of its potential returns per unit of risk. Shenzhen AV Display Co is currently generating about 0.01 per unit of risk. If you would invest 805.00 in Changjiang Publishing Media on September 15, 2024 and sell it today you would earn a total of 99.00 from holding Changjiang Publishing Media or generate 12.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Shenzhen AV Display Co
Performance |
| Timeline |
| Changjiang Publishing |
| Shenzhen AV Display |
Changjiang Publishing and Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Shenzhen
The main advantage of trading using opposite Changjiang Publishing and Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Shenzhen 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 Shenzhen will offset losses from the drop in Shenzhen's long position.| Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. 159681 | Changjiang Publishing vs. 159005 | Changjiang Publishing vs. Loctek Ergonomic Technology |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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