Correlation Between China Satellite and Tianjin Silvery
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Satellite Communications and Tianjin Silvery Dragon, you can compare the effects of market volatilities on China Satellite and Tianjin Silvery 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 China Satellite with a short position of Tianjin Silvery. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Satellite and Tianjin Silvery.
Diversification Opportunities for China Satellite and Tianjin Silvery
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Tianjin is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding China Satellite Communications and Tianjin Silvery Dragon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Silvery Dragon and China Satellite 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 China Satellite Communications are associated (or correlated) with Tianjin Silvery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Silvery Dragon has no effect on the direction of China Satellite i.e., China Satellite and Tianjin Silvery go up and down completely randomly.
Pair Corralation between China Satellite and Tianjin Silvery
Assuming the 90 days trading horizon China Satellite is expected to generate 2.83 times less return on investment than Tianjin Silvery. But when comparing it to its historical volatility, China Satellite Communications is 1.03 times less risky than Tianjin Silvery. It trades about 0.08 of its potential returns per unit of risk. Tianjin Silvery Dragon is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 546.00 in Tianjin Silvery Dragon on September 27, 2024 and sell it today you would earn a total of 96.00 from holding Tianjin Silvery Dragon or generate 17.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Satellite Communications vs. Tianjin Silvery Dragon
Performance |
| Timeline |
| China Satellite Comm |
| Tianjin Silvery Dragon |
China Satellite and Tianjin Silvery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Satellite and Tianjin Silvery
The main advantage of trading using opposite China Satellite and Tianjin Silvery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Satellite position performs unexpectedly, Tianjin Silvery 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 Tianjin Silvery will offset losses from the drop in Tianjin Silvery's long position.| China Satellite vs. Chengdu Kanghua Biological | China Satellite vs. Beijing Wantai Biological | China Satellite vs. Suzhou Novoprotein Scientific | China Satellite vs. COL Digital Publishing |
| Tianjin Silvery vs. Wanhua Chemical Group | Tianjin Silvery vs. Shandong Gold Mining | Tianjin Silvery vs. Rongsheng Petrochemical Co | Tianjin Silvery vs. Inner Mongolia BaoTou |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |