Correlation Between Shandong Publishing and Shandong Mining
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By analyzing existing cross correlation between Shandong Publishing Media and Shandong Mining Machinery, you can compare the effects of market volatilities on Shandong Publishing and Shandong Mining 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 Shandong Publishing with a short position of Shandong Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Shandong Mining.
Diversification Opportunities for Shandong Publishing and Shandong Mining
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shandong and Shandong is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media and Shandong Mining Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Mining Machinery and Shandong Publishing 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 Shandong Publishing Media are associated (or correlated) with Shandong Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Mining Machinery has no effect on the direction of Shandong Publishing i.e., Shandong Publishing and Shandong Mining go up and down completely randomly.
Pair Corralation between Shandong Publishing and Shandong Mining
Assuming the 90 days trading horizon Shandong Publishing Media is expected to generate 0.91 times more return on investment than Shandong Mining. However, Shandong Publishing Media is 1.1 times less risky than Shandong Mining. It trades about 0.06 of its potential returns per unit of risk. Shandong Mining Machinery is currently generating about 0.05 per unit of risk. If you would invest 612.00 in Shandong Publishing Media on September 3, 2024 and sell it today you would earn a total of 453.00 from holding Shandong Publishing Media or generate 74.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Publishing Media vs. Shandong Mining Machinery
Performance |
| Timeline |
| Shandong Publishing Media |
| Shandong Mining Machinery |
Shandong Publishing and Shandong Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Publishing and Shandong Mining
The main advantage of trading using opposite Shandong Publishing and Shandong Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing position performs unexpectedly, Shandong Mining 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 Shandong Mining will offset losses from the drop in Shandong Mining's long position.| Shandong Publishing vs. Gansu Jiu Steel | Shandong Publishing vs. Ming Yang Smart | Shandong Publishing vs. Aba Chemicals Corp | Shandong Publishing vs. Loctek Ergonomic Technology |
| Shandong Mining vs. Cultural Investment Holdings | Shandong Mining vs. Gome Telecom Equipment | Shandong Mining vs. Bus Online Co | Shandong Mining vs. Holitech Technology 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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