Correlation Between Ye Chiu and Shenzhen Zqgame
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By analyzing existing cross correlation between Ye Chiu Metal and Shenzhen Zqgame, you can compare the effects of market volatilities on Ye Chiu and Shenzhen Zqgame 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 Ye Chiu with a short position of Shenzhen Zqgame. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Shenzhen Zqgame.
Diversification Opportunities for Ye Chiu and Shenzhen Zqgame
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 601388 and Shenzhen is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Shenzhen Zqgame in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Zqgame and Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with Shenzhen Zqgame. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Zqgame has no effect on the direction of Ye Chiu i.e., Ye Chiu and Shenzhen Zqgame go up and down completely randomly.
Pair Corralation between Ye Chiu and Shenzhen Zqgame
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Shenzhen Zqgame. But the stock apears to be less risky and, when comparing its historical volatility, Ye Chiu Metal is 1.98 times less risky than Shenzhen Zqgame. The stock trades about -0.13 of its potential returns per unit of risk. The Shenzhen Zqgame is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 1,639 in Shenzhen Zqgame on November 3, 2024 and sell it today you would lose (32.00) from holding Shenzhen Zqgame or give up 1.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Shenzhen Zqgame
Performance |
| Timeline |
| Ye Chiu Metal |
| Shenzhen Zqgame |
Ye Chiu and Shenzhen Zqgame Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Shenzhen Zqgame
The main advantage of trading using opposite Ye Chiu and Shenzhen Zqgame positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Shenzhen Zqgame 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 Shenzhen Zqgame will offset losses from the drop in Shenzhen Zqgame's long position.| Ye Chiu vs. Nuode Investment Co | Ye Chiu vs. Shenzhen Centralcon Investment | Ye Chiu vs. Suzhou Douson Drilling | Ye Chiu vs. Zhejiang Kingland Pipeline |
| Shenzhen Zqgame vs. Zhengzhou Coal Mining | Shenzhen Zqgame vs. Fujian Newland Computer | Shenzhen Zqgame vs. Tianjin Hi Tech Development | Shenzhen Zqgame vs. Dr Peng Telecom |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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