Correlation Between Industrial Bank and Zhuhai Comleader
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By analyzing existing cross correlation between Industrial Bank Co and Zhuhai Comleader Information, you can compare the effects of market volatilities on Industrial Bank and Zhuhai Comleader 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 Industrial Bank with a short position of Zhuhai Comleader. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial Bank and Zhuhai Comleader.
Diversification Opportunities for Industrial Bank and Zhuhai Comleader
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Industrial and Zhuhai is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Industrial Bank Co and Zhuhai Comleader Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuhai Comleader Inf and Industrial Bank 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 Industrial Bank Co are associated (or correlated) with Zhuhai Comleader. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuhai Comleader Inf has no effect on the direction of Industrial Bank i.e., Industrial Bank and Zhuhai Comleader go up and down completely randomly.
Pair Corralation between Industrial Bank and Zhuhai Comleader
Assuming the 90 days trading horizon Industrial Bank Co is expected to generate 0.42 times more return on investment than Zhuhai Comleader. However, Industrial Bank Co is 2.4 times less risky than Zhuhai Comleader. It trades about 0.07 of its potential returns per unit of risk. Zhuhai Comleader Information is currently generating about 0.01 per unit of risk. If you would invest 1,412 in Industrial Bank Co on September 2, 2024 and sell it today you would earn a total of 393.00 from holding Industrial Bank Co or generate 27.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial Bank Co vs. Zhuhai Comleader Information
Performance |
| Timeline |
| Industrial Bank |
| Zhuhai Comleader Inf |
Industrial Bank and Zhuhai Comleader Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial Bank and Zhuhai Comleader
The main advantage of trading using opposite Industrial Bank and Zhuhai Comleader positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial Bank position performs unexpectedly, Zhuhai Comleader 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 Zhuhai Comleader will offset losses from the drop in Zhuhai Comleader's long position.| Industrial Bank vs. OBiO Technology Corp | Industrial Bank vs. 360 Security Technology | Industrial Bank vs. Guangdong Liantai Environmental | Industrial Bank vs. Soyea Technology Co |
| Zhuhai Comleader vs. Industrial and Commercial | Zhuhai Comleader vs. Kweichow Moutai Co | Zhuhai Comleader vs. Agricultural Bank of | Zhuhai Comleader vs. China Mobile Limited |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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