Correlation Between Anhui Xinhua and Tieling Newcity
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By analyzing existing cross correlation between Anhui Xinhua Media and Tieling Newcity Investment, you can compare the effects of market volatilities on Anhui Xinhua and Tieling Newcity 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 Anhui Xinhua with a short position of Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Xinhua and Tieling Newcity.
Diversification Opportunities for Anhui Xinhua and Tieling Newcity
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Tieling is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Xinhua Media and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve and Anhui Xinhua 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 Anhui Xinhua Media are associated (or correlated) with Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of Anhui Xinhua i.e., Anhui Xinhua and Tieling Newcity go up and down completely randomly.
Pair Corralation between Anhui Xinhua and Tieling Newcity
Assuming the 90 days trading horizon Anhui Xinhua Media is expected to under-perform the Tieling Newcity. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Xinhua Media is 1.09 times less risky than Tieling Newcity. The stock trades about 0.0 of its potential returns per unit of risk. The Tieling Newcity Investment is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 304.00 in Tieling Newcity Investment on October 16, 2024 and sell it today you would earn a total of 12.00 from holding Tieling Newcity Investment or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Xinhua Media vs. Tieling Newcity Investment
Performance |
| Timeline |
| Anhui Xinhua Media |
| Tieling Newcity Inve |
Anhui Xinhua and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Xinhua and Tieling Newcity
The main advantage of trading using opposite Anhui Xinhua and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Xinhua position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| Anhui Xinhua vs. Anhui Jianghuai Automobile | Anhui Xinhua vs. Suzhou Douson Drilling | Anhui Xinhua vs. Lootom Telcovideo Network | Anhui Xinhua vs. Shenzhen Topway Video |
| Tieling Newcity vs. JiShi Media Co | Tieling Newcity vs. Kontour Medical Technology | Tieling Newcity vs. Anhui Xinhua Media | Tieling Newcity vs. Xiangyu Medical Co |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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