Correlation Between Chengdu B and Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengdu B ray Media and Industrial and Commercial, you can compare the effects of market volatilities on Chengdu B and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Industrial.
Diversification Opportunities for Chengdu B and Industrial
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chengdu and Industrial is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Chengdu B i.e., Chengdu B and Industrial go up and down completely randomly.
Pair Corralation between Chengdu B and Industrial
Assuming the 90 days trading horizon Chengdu B ray Media is expected to under-perform the Industrial. In addition to that, Chengdu B is 2.38 times more volatile than Industrial and Commercial. It trades about -0.01 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.09 per unit of volatility. If you would invest 473.00 in Industrial and Commercial on September 2, 2024 and sell it today you would earn a total of 142.00 from holding Industrial and Commercial or generate 30.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. Industrial and Commercial
Performance |
| Timeline |
| Chengdu B ray |
| Industrial and Commercial |
Chengdu B and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Industrial
The main advantage of trading using opposite Chengdu B and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial'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 |
| Industrial vs. Longjian Road Bridge | Industrial vs. Chongqing Road Bridge | Industrial vs. FSPG Hi Tech Co | Industrial vs. Broadex Technologies Co |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| CEOs Directory Screen CEOs from public companies around the world |