Correlation Between Chengdu B and Kunshan Guoli
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By analyzing existing cross correlation between Chengdu B ray Media and Kunshan Guoli Electronic, you can compare the effects of market volatilities on Chengdu B and Kunshan Guoli 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 Kunshan Guoli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Kunshan Guoli.
Diversification Opportunities for Chengdu B and Kunshan Guoli
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Chengdu and Kunshan is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and Kunshan Guoli Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunshan Guoli Electronic 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 Kunshan Guoli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunshan Guoli Electronic has no effect on the direction of Chengdu B i.e., Chengdu B and Kunshan Guoli go up and down completely randomly.
Pair Corralation between Chengdu B and Kunshan Guoli
Assuming the 90 days trading horizon Chengdu B ray Media is expected to under-perform the Kunshan Guoli. But the stock apears to be less risky and, when comparing its historical volatility, Chengdu B ray Media is 1.3 times less risky than Kunshan Guoli. The stock trades about 0.0 of its potential returns per unit of risk. The Kunshan Guoli Electronic is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 5,139 in Kunshan Guoli Electronic on September 4, 2024 and sell it today you would lose (873.00) from holding Kunshan Guoli Electronic or give up 16.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. Kunshan Guoli Electronic
Performance |
| Timeline |
| Chengdu B ray |
| Kunshan Guoli Electronic |
Chengdu B and Kunshan Guoli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Kunshan Guoli
The main advantage of trading using opposite Chengdu B and Kunshan Guoli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B position performs unexpectedly, Kunshan Guoli 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 Kunshan Guoli will offset losses from the drop in Kunshan Guoli's long position.| Chengdu B vs. Aofu Environmental Technology | Chengdu B vs. GreenTech Environmental Co | Chengdu B vs. Cofoe Medical Technology | Chengdu B vs. Cowealth Medical China |
| Kunshan Guoli vs. Changchun UP Optotech | Kunshan Guoli vs. Lingyuan Iron Steel | Kunshan Guoli vs. GreenTech Environmental Co | Kunshan Guoli vs. Sinosteel Engineering and |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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