Correlation Between Shandong Publishing and Northern United
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Publishing Media and Northern United Publishing, you can compare the effects of market volatilities on Shandong Publishing and Northern United 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 Northern United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Northern United.
Diversification Opportunities for Shandong Publishing and Northern United
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shandong and Northern is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media and Northern United Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northern United Publ 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 Northern United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northern United Publ has no effect on the direction of Shandong Publishing i.e., Shandong Publishing and Northern United go up and down completely randomly.
Pair Corralation between Shandong Publishing and Northern United
Assuming the 90 days trading horizon Shandong Publishing Media is expected to under-perform the Northern United. In addition to that, Shandong Publishing is 1.31 times more volatile than Northern United Publishing. It trades about -0.09 of its total potential returns per unit of risk. Northern United Publishing is currently generating about 0.27 per unit of volatility. If you would invest 598.00 in Northern United Publishing on November 4, 2024 and sell it today you would earn a total of 54.00 from holding Northern United Publishing or generate 9.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Publishing Media vs. Northern United Publishing
Performance |
| Timeline |
| Shandong Publishing Media |
| Northern United Publ |
Shandong Publishing and Northern United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Publishing and Northern United
The main advantage of trading using opposite Shandong Publishing and Northern United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing position performs unexpectedly, Northern United 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 Northern United will offset losses from the drop in Northern United's long position.| Shandong Publishing vs. Huaxia Fund Management | Shandong Publishing vs. China Life Insurance | Shandong Publishing vs. Sanbo Hospital Management | Shandong Publishing vs. Innovative Medical Management |
| Northern United vs. V V Food | Northern United vs. Yan Tai Shuang | Northern United vs. Citic Offshore Helicopter | Northern United vs. Gan Yuan Foods |
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.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |