Correlation Between Changjiang Publishing and Keda Clean
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By analyzing existing cross correlation between Changjiang Publishing Media and Keda Clean Energy, you can compare the effects of market volatilities on Changjiang Publishing and Keda Clean 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 Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Keda Clean.
Diversification Opportunities for Changjiang Publishing and Keda Clean
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Changjiang and Keda is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy 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 Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Keda Clean go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Keda Clean
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Keda Clean. In addition to that, Changjiang Publishing is 1.17 times more volatile than Keda Clean Energy. It trades about -0.18 of its total potential returns per unit of risk. Keda Clean Energy is currently generating about 0.15 per unit of volatility. If you would invest 799.00 in Keda Clean Energy on October 25, 2024 and sell it today you would earn a total of 38.00 from holding Keda Clean Energy or generate 4.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Keda Clean Energy
Performance |
| Timeline |
| Changjiang Publishing |
| Keda Clean Energy |
Changjiang Publishing and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Keda Clean
The main advantage of trading using opposite Changjiang Publishing and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean'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 |
| Keda Clean vs. Time Publishing and | Keda Clean vs. Tangel Publishing | Keda Clean vs. Changjiang Publishing Media | Keda Clean vs. Guangzhou Ruoyuchen Information |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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