Correlation Between Changjiang Publishing and Sino Platinum
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By analyzing existing cross correlation between Changjiang Publishing Media and Sino Platinum Metals Co, you can compare the effects of market volatilities on Changjiang Publishing and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Sino Platinum.
Diversification Opportunities for Changjiang Publishing and Sino Platinum
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Changjiang and Sino is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Sino Platinum go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Sino Platinum
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Sino Platinum. In addition to that, Changjiang Publishing is 1.45 times more volatile than Sino Platinum Metals Co. It trades about -0.07 of its total potential returns per unit of risk. Sino Platinum Metals Co is currently generating about -0.02 per unit of volatility. If you would invest 1,384 in Sino Platinum Metals Co on October 22, 2024 and sell it today you would lose (8.00) from holding Sino Platinum Metals Co or give up 0.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Changjiang Publishing |
| Sino Platinum Metals |
Changjiang Publishing and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Sino Platinum
The main advantage of trading using opposite Changjiang Publishing and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Changjiang Publishing vs. Dymatic Chemicals | Changjiang Publishing vs. HeBei Jinniu Chemical | Changjiang Publishing vs. Hengli Industrial Development | Changjiang Publishing vs. Pengxin International Mining |
| Sino Platinum vs. Changjiang Publishing Media | Sino Platinum vs. Time Publishing and | Sino Platinum vs. Zhejiang Publishing Media | Sino Platinum vs. Shanghai Rightongene Biotechnology |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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