Correlation Between Sunny Loan and Hunan TV
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By analyzing existing cross correlation between Sunny Loan Top and Hunan TV Broadcast, you can compare the effects of market volatilities on Sunny Loan and Hunan TV 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 Sunny Loan with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Hunan TV.
Diversification Opportunities for Sunny Loan and Hunan TV
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sunny and Hunan is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Sunny Loan 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 Sunny Loan Top are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Sunny Loan i.e., Sunny Loan and Hunan TV go up and down completely randomly.
Pair Corralation between Sunny Loan and Hunan TV
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the Hunan TV. But the stock apears to be less risky and, when comparing its historical volatility, Sunny Loan Top is 1.26 times less risky than Hunan TV. The stock trades about -0.04 of its potential returns per unit of risk. The Hunan TV Broadcast is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 880.00 in Hunan TV Broadcast on September 12, 2024 and sell it today you would lose (14.00) from holding Hunan TV Broadcast or give up 1.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. Hunan TV Broadcast
Performance |
| Timeline |
| Sunny Loan Top |
| Hunan TV Broadcast |
Sunny Loan and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Hunan TV
The main advantage of trading using opposite Sunny Loan and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Sunny Loan vs. Lutian Machinery Co | Sunny Loan vs. PetroChina Co Ltd | Sunny Loan vs. Bank of China | Sunny Loan vs. Gansu Jiu Steel |
| Hunan TV vs. Kweichow Moutai Co | Hunan TV vs. Shenzhen Mindray Bio Medical | Hunan TV vs. G bits Network Technology | Hunan TV vs. Beijing Roborock Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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