Correlation Between Metallurgical and Beijing HuaYuanYiTong
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By analyzing existing cross correlation between Metallurgical of and Beijing HuaYuanYiTong Thermal, you can compare the effects of market volatilities on Metallurgical and Beijing HuaYuanYiTong 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 Metallurgical with a short position of Beijing HuaYuanYiTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Metallurgical and Beijing HuaYuanYiTong.
Diversification Opportunities for Metallurgical and Beijing HuaYuanYiTong
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Metallurgical and Beijing is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Metallurgical of and Beijing HuaYuanYiTong Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing HuaYuanYiTong and Metallurgical 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 Metallurgical of are associated (or correlated) with Beijing HuaYuanYiTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing HuaYuanYiTong has no effect on the direction of Metallurgical i.e., Metallurgical and Beijing HuaYuanYiTong go up and down completely randomly.
Pair Corralation between Metallurgical and Beijing HuaYuanYiTong
Assuming the 90 days trading horizon Metallurgical of is expected to generate 0.74 times more return on investment than Beijing HuaYuanYiTong. However, Metallurgical of is 1.35 times less risky than Beijing HuaYuanYiTong. It trades about -0.3 of its potential returns per unit of risk. Beijing HuaYuanYiTong Thermal is currently generating about -0.64 per unit of risk. If you would invest 342.00 in Metallurgical of on October 7, 2024 and sell it today you would lose (29.00) from holding Metallurgical of or give up 8.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Metallurgical of vs. Beijing HuaYuanYiTong Thermal
Performance |
| Timeline |
| Metallurgical |
| Beijing HuaYuanYiTong |
Metallurgical and Beijing HuaYuanYiTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Metallurgical and Beijing HuaYuanYiTong
The main advantage of trading using opposite Metallurgical and Beijing HuaYuanYiTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Metallurgical position performs unexpectedly, Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong will offset losses from the drop in Beijing HuaYuanYiTong's long position.| Metallurgical vs. BeiGene | Metallurgical vs. G bits Network Technology | Metallurgical vs. China Mobile Limited | Metallurgical vs. Gansu Jiu Steel |
| Beijing HuaYuanYiTong vs. Industrial and Commercial | Beijing HuaYuanYiTong vs. Agricultural Bank of | Beijing HuaYuanYiTong vs. China Construction Bank | Beijing HuaYuanYiTong vs. Bank of China |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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