Correlation Between Shandong Publishing and Monalisa Group
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By analyzing existing cross correlation between Shandong Publishing Media and Monalisa Group Co, you can compare the effects of market volatilities on Shandong Publishing and Monalisa Group 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 Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Monalisa Group.
Diversification Opportunities for Shandong Publishing and Monalisa Group
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shandong and Monalisa is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group 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 Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of Shandong Publishing i.e., Shandong Publishing and Monalisa Group go up and down completely randomly.
Pair Corralation between Shandong Publishing and Monalisa Group
Assuming the 90 days trading horizon Shandong Publishing is expected to generate 9.43 times less return on investment than Monalisa Group. But when comparing it to its historical volatility, Shandong Publishing Media is 5.8 times less risky than Monalisa Group. It trades about 0.03 of its potential returns per unit of risk. Monalisa Group Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,306 in Monalisa Group Co on September 14, 2024 and sell it today you would lose (350.00) from holding Monalisa Group Co or give up 26.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.97% |
| Values | Daily Returns |
Shandong Publishing Media vs. Monalisa Group Co
Performance |
| Timeline |
| Shandong Publishing Media |
| Monalisa Group |
Shandong Publishing and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Publishing and Monalisa Group
The main advantage of trading using opposite Shandong Publishing and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing position performs unexpectedly, Monalisa Group 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 Monalisa Group will offset losses from the drop in Monalisa Group's long position.| Shandong Publishing vs. Ming Yang Smart | Shandong Publishing vs. 159681 | Shandong Publishing vs. 159005 | Shandong Publishing vs. Loctek Ergonomic Technology |
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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