Correlation Between Shaanxi Broadcast and China Kings
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By analyzing existing cross correlation between Shaanxi Broadcast TV and China Kings Resources, you can compare the effects of market volatilities on Shaanxi Broadcast and China Kings 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 China Kings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and China Kings.
Diversification Opportunities for Shaanxi Broadcast and China Kings
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shaanxi and China is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV and China Kings Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Kings Resources 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 China Kings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Kings Resources has no effect on the direction of Shaanxi Broadcast i.e., Shaanxi Broadcast and China Kings go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and China Kings
Assuming the 90 days trading horizon Shaanxi Broadcast TV is expected to under-perform the China Kings. In addition to that, Shaanxi Broadcast is 1.15 times more volatile than China Kings Resources. It trades about -0.03 of its total potential returns per unit of risk. China Kings Resources is currently generating about 0.01 per unit of volatility. If you would invest 2,795 in China Kings Resources on September 12, 2024 and sell it today you would lose (187.00) from holding China Kings Resources or give up 6.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Shaanxi Broadcast TV vs. China Kings Resources
Performance |
| Timeline |
| Shaanxi Broadcast |
| China Kings Resources |
Shaanxi Broadcast and China Kings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Broadcast and China Kings
The main advantage of trading using opposite Shaanxi Broadcast and China Kings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast position performs unexpectedly, China Kings 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 China Kings will offset losses from the drop in China Kings' long position.| Shaanxi Broadcast vs. Kweichow Moutai Co | Shaanxi Broadcast vs. Shenzhen Mindray Bio Medical | Shaanxi Broadcast vs. G bits Network Technology | Shaanxi Broadcast vs. Beijing Roborock Technology |
| China Kings vs. Sichuan Fulin Transportation | China Kings vs. Shaanxi Broadcast TV | China Kings vs. Juneyao Airlines | China Kings vs. Shanghai Broadband 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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