Correlation Between New China and Mango Excellent
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By analyzing existing cross correlation between New China Life and Mango Excellent Media, you can compare the effects of market volatilities on New China and Mango Excellent 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 New China with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of New China and Mango Excellent.
Diversification Opportunities for New China and Mango Excellent
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between New and Mango is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding New China Life and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media and New China 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 New China Life are associated (or correlated) with Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of New China i.e., New China and Mango Excellent go up and down completely randomly.
Pair Corralation between New China and Mango Excellent
Assuming the 90 days trading horizon New China Life is expected to generate 1.07 times more return on investment than Mango Excellent. However, New China is 1.07 times more volatile than Mango Excellent Media. It trades about 0.07 of its potential returns per unit of risk. Mango Excellent Media is currently generating about -0.25 per unit of risk. If you would invest 4,691 in New China Life on December 1, 2024 and sell it today you would earn a total of 118.00 from holding New China Life or generate 2.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
New China Life vs. Mango Excellent Media
Performance |
| Timeline |
| New China Life |
| Mango Excellent Media |
New China and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with New China and Mango Excellent
The main advantage of trading using opposite New China and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if New China position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| New China vs. Hengerda New Materials | New China vs. Orinko Advanced Plastics | New China vs. Guobo Electronics Co | New China vs. Sanxiang Advanced Materials |
| Mango Excellent vs. Road Environment Technology | Mango Excellent vs. CSSC Offshore Marine | Mango Excellent vs. Shaanxi Broadcast TV | Mango Excellent vs. Silkroad Visual Technology |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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