Correlation Between Postal Savings and A Zenith
Specify exactly 2 symbols:
By analyzing existing cross correlation between Postal Savings Bank and A Zenith Home Furnishings, you can compare the effects of market volatilities on Postal Savings and A Zenith 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 Postal Savings with a short position of A Zenith. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and A Zenith.
Diversification Opportunities for Postal Savings and A Zenith
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Postal and 603389 is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and A Zenith Home Furnishings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A Zenith Home and Postal Savings 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 Postal Savings Bank are associated (or correlated) with A Zenith. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A Zenith Home has no effect on the direction of Postal Savings i.e., Postal Savings and A Zenith go up and down completely randomly.
Pair Corralation between Postal Savings and A Zenith
Assuming the 90 days trading horizon Postal Savings Bank is expected to generate 0.24 times more return on investment than A Zenith. However, Postal Savings Bank is 4.13 times less risky than A Zenith. It trades about 0.01 of its potential returns per unit of risk. A Zenith Home Furnishings is currently generating about -0.15 per unit of risk. If you would invest 555.00 in Postal Savings Bank on October 9, 2024 and sell it today you would earn a total of 0.00 from holding Postal Savings Bank or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. A Zenith Home Furnishings
Performance |
| Timeline |
| Postal Savings Bank |
| A Zenith Home |
Postal Savings and A Zenith Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and A Zenith
The main advantage of trading using opposite Postal Savings and A Zenith positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, A Zenith 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 A Zenith will offset losses from the drop in A Zenith's long position.| Postal Savings vs. Ye Chiu Metal | Postal Savings vs. Epoxy Base Electronic | Postal Savings vs. Tianshan Aluminum Group | Postal Savings vs. Aluminum Corp of |
| A Zenith vs. Kweichow Moutai Co | A Zenith vs. NAURA Technology Group | A Zenith vs. Zhejiang Orient Gene | A Zenith vs. APT Medical |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Stocks Directory Find actively traded stocks across global markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |