Correlation Between Shaanxi Broadcast and Wuhan Hvsen
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By analyzing existing cross correlation between Shaanxi Broadcast TV and Wuhan Hvsen Biotechnology, you can compare the effects of market volatilities on Shaanxi Broadcast and Wuhan Hvsen 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 Wuhan Hvsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and Wuhan Hvsen.
Diversification Opportunities for Shaanxi Broadcast and Wuhan Hvsen
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shaanxi and Wuhan is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV and Wuhan Hvsen Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Hvsen Biotechnology 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 Wuhan Hvsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Hvsen Biotechnology has no effect on the direction of Shaanxi Broadcast i.e., Shaanxi Broadcast and Wuhan Hvsen go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and Wuhan Hvsen
Assuming the 90 days trading horizon Shaanxi Broadcast TV is expected to generate 1.0 times more return on investment than Wuhan Hvsen. However, Shaanxi Broadcast TV is 1.0 times less risky than Wuhan Hvsen. It trades about -0.18 of its potential returns per unit of risk. Wuhan Hvsen Biotechnology is currently generating about -0.22 per unit of risk. If you would invest 292.00 in Shaanxi Broadcast TV on October 11, 2024 and sell it today you would lose (56.00) from holding Shaanxi Broadcast TV or give up 19.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Broadcast TV vs. Wuhan Hvsen Biotechnology
Performance |
| Timeline |
| Shaanxi Broadcast |
| Wuhan Hvsen Biotechnology |
Shaanxi Broadcast and Wuhan Hvsen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Broadcast and Wuhan Hvsen
The main advantage of trading using opposite Shaanxi Broadcast and Wuhan Hvsen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast position performs unexpectedly, Wuhan Hvsen 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 Wuhan Hvsen will offset losses from the drop in Wuhan Hvsen's long position.| Shaanxi Broadcast vs. Nanxing Furniture Machinery | Shaanxi Broadcast vs. Shaanxi Construction Machinery | Shaanxi Broadcast vs. Shenwu Energy Saving | Shaanxi Broadcast vs. Sinomach General Machinery |
| Wuhan Hvsen vs. Wuhan Yangtze Communication | Wuhan Hvsen vs. Jiangxi Hengda Hi Tech | Wuhan Hvsen vs. Giantec Semiconductor Corp | Wuhan Hvsen vs. Suzhou Oriental Semiconductor |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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