Correlation Between Chengdu B and Mango Excellent
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By analyzing existing cross correlation between Chengdu B ray Media and Mango Excellent Media, you can compare the effects of market volatilities on Chengdu B and Mango Excellent 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 Chengdu B with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Mango Excellent.
Diversification Opportunities for Chengdu B and Mango Excellent
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chengdu and Mango is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media and Chengdu B 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 Chengdu B ray Media are associated (or correlated) with Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Chengdu B i.e., Chengdu B and Mango Excellent go up and down completely randomly.
Pair Corralation between Chengdu B and Mango Excellent
Assuming the 90 days trading horizon Chengdu B is expected to generate 1.74 times less return on investment than Mango Excellent. But when comparing it to its historical volatility, Chengdu B ray Media is 1.06 times less risky than Mango Excellent. It trades about 0.01 of its potential returns per unit of risk. Mango Excellent Media is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,596 in Mango Excellent Media on September 2, 2024 and sell it today you would earn a total of 286.00 from holding Mango Excellent Media or generate 11.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. Mango Excellent Media
Performance |
| Timeline |
| Chengdu B ray |
| Mango Excellent Media |
Chengdu B and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Mango Excellent
The main advantage of trading using opposite Chengdu B and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Chengdu B vs. Kunshan Guoli Electronic | Chengdu B vs. Chison Medical Technologies | Chengdu B vs. Xian International Medical | Chengdu B vs. Shenzhen Glory Medical |
| Mango Excellent vs. New China Life | Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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