Correlation Between Changjiang Publishing and Allgens Medical
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By analyzing existing cross correlation between Changjiang Publishing Media and Allgens Medical Technology, you can compare the effects of market volatilities on Changjiang Publishing and Allgens Medical 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 Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Allgens Medical.
Diversification Opportunities for Changjiang Publishing and Allgens Medical
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Changjiang and Allgens is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech 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 Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Allgens Medical go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Allgens Medical
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 1.4 times more return on investment than Allgens Medical. However, Changjiang Publishing is 1.4 times more volatile than Allgens Medical Technology. It trades about -0.08 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about -0.18 per unit of risk. If you would invest 895.00 in Changjiang Publishing Media on October 23, 2024 and sell it today you would lose (29.00) from holding Changjiang Publishing Media or give up 3.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Allgens Medical Technology
Performance |
| Timeline |
| Changjiang Publishing |
| Allgens Medical Tech |
Changjiang Publishing and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Allgens Medical
The main advantage of trading using opposite Changjiang Publishing and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Changjiang Publishing vs. AUPU Home Style | Changjiang Publishing vs. Shandong Homey Aquatic | Changjiang Publishing vs. Nanjing OLO Home | Changjiang Publishing vs. Techshine Electronics Co |
| Allgens Medical vs. Central Plains Environment | Allgens Medical vs. Shenzhen MYS Environmental | Allgens Medical vs. Shengda Mining Co | Allgens Medical vs. Tibet Huayu Mining |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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