Correlation Between Shaanxi Broadcast and Anshan Senyuan
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By analyzing existing cross correlation between Shaanxi Broadcast TV and Anshan Senyuan Road, you can compare the effects of market volatilities on Shaanxi Broadcast and Anshan Senyuan 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 Shaanxi Broadcast with a short position of Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and Anshan Senyuan.
Diversification Opportunities for Shaanxi Broadcast and Anshan Senyuan
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shaanxi and Anshan is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road and Shaanxi Broadcast 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 Shaanxi Broadcast TV are associated (or correlated) with Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of Shaanxi Broadcast i.e., Shaanxi Broadcast and Anshan Senyuan go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and Anshan Senyuan
Assuming the 90 days trading horizon Shaanxi Broadcast TV is expected to generate 0.84 times more return on investment than Anshan Senyuan. However, Shaanxi Broadcast TV is 1.19 times less risky than Anshan Senyuan. It trades about -0.06 of its potential returns per unit of risk. Anshan Senyuan Road is currently generating about -0.14 per unit of risk. If you would invest 267.00 in Shaanxi Broadcast TV on October 26, 2024 and sell it today you would lose (20.00) from holding Shaanxi Broadcast TV or give up 7.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Broadcast TV vs. Anshan Senyuan Road
Performance |
| Timeline |
| Shaanxi Broadcast |
| Anshan Senyuan Road |
Shaanxi Broadcast and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Broadcast and Anshan Senyuan
The main advantage of trading using opposite Shaanxi Broadcast and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| Shaanxi Broadcast vs. Cambricon Technologies Corp | Shaanxi Broadcast vs. SGSG Sciencetechnology Co | Shaanxi Broadcast vs. Zhonghang Electronic Measuring | Shaanxi Broadcast vs. Loongson Technology Corp |
| Anshan Senyuan vs. Industrial and Commercial | Anshan Senyuan vs. Agricultural Bank of | Anshan Senyuan vs. China Construction Bank | Anshan Senyuan vs. Bank of China |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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