Correlation Between CITIC Metal and Shandong Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between CITIC Metal Co and Shandong Publishing Media, you can compare the effects of market volatilities on CITIC Metal and Shandong Publishing 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 CITIC Metal with a short position of Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Metal and Shandong Publishing.
Diversification Opportunities for CITIC Metal and Shandong Publishing
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CITIC and Shandong is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Metal Co and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media and CITIC Metal 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 CITIC Metal Co are associated (or correlated) with Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of CITIC Metal i.e., CITIC Metal and Shandong Publishing go up and down completely randomly.
Pair Corralation between CITIC Metal and Shandong Publishing
Assuming the 90 days trading horizon CITIC Metal Co is expected to under-perform the Shandong Publishing. But the stock apears to be less risky and, when comparing its historical volatility, CITIC Metal Co is 1.02 times less risky than Shandong Publishing. The stock trades about -0.02 of its potential returns per unit of risk. The Shandong Publishing Media is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 616.00 in Shandong Publishing Media on October 26, 2024 and sell it today you would earn a total of 475.00 from holding Shandong Publishing Media or generate 77.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.87% |
| Values | Daily Returns |
CITIC Metal Co vs. Shandong Publishing Media
Performance |
| Timeline |
| CITIC Metal |
| Shandong Publishing Media |
CITIC Metal and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Metal and Shandong Publishing
The main advantage of trading using opposite CITIC Metal and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Metal position performs unexpectedly, Shandong Publishing 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 Publishing will offset losses from the drop in Shandong Publishing's long position.| CITIC Metal vs. Zijin Mining Group | CITIC Metal vs. Wanhua Chemical Group | CITIC Metal vs. Baoshan Iron Steel | CITIC Metal vs. Shandong Gold Mining |
| Shandong Publishing vs. Bus Online Co | Shandong Publishing vs. Holitech Technology Co | Shandong Publishing vs. Gome Telecom Equipment | Shandong Publishing vs. Cultural Investment Holdings |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| 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 | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |