Correlation Between Changjiang Publishing and Harvest Fund
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By analyzing existing cross correlation between Changjiang Publishing Media and Harvest Fund Management, you can compare the effects of market volatilities on Changjiang Publishing and Harvest Fund 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 Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Harvest Fund.
Diversification Opportunities for Changjiang Publishing and Harvest Fund
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Changjiang and Harvest is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management 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 Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Harvest Fund go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Harvest Fund
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 2.01 times more return on investment than Harvest Fund. However, Changjiang Publishing is 2.01 times more volatile than Harvest Fund Management. It trades about 0.05 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.05 per unit of risk. If you would invest 538.00 in Changjiang Publishing Media on August 30, 2024 and sell it today you would earn a total of 314.00 from holding Changjiang Publishing Media or generate 58.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 92.23% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Harvest Fund Management
Performance |
| Timeline |
| Changjiang Publishing |
| Harvest Fund Management |
Changjiang Publishing and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Harvest Fund
The main advantage of trading using opposite Changjiang Publishing and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Changjiang Publishing vs. Industrial and Commercial | Changjiang Publishing vs. Agricultural Bank of | Changjiang Publishing vs. China Construction Bank | Changjiang Publishing vs. Bank of China |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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