Correlation Between Xinhua Winshare and Hunan TV
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Hunan TV Broadcast, you can compare the effects of market volatilities on Xinhua Winshare and Hunan TV 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 Xinhua Winshare with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Hunan TV.
Diversification Opportunities for Xinhua Winshare and Hunan TV
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinhua and Hunan is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Hunan TV go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Hunan TV
Assuming the 90 days trading horizon Xinhua Winshare is expected to generate 1.03 times less return on investment than Hunan TV. But when comparing it to its historical volatility, Xinhua Winshare Publishing is 1.31 times less risky than Hunan TV. It trades about 0.04 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 533.00 in Hunan TV Broadcast on October 18, 2024 and sell it today you would earn a total of 159.00 from holding Hunan TV Broadcast or generate 29.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Hunan TV Broadcast
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Hunan TV Broadcast |
Xinhua Winshare and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Hunan TV
The main advantage of trading using opposite Xinhua Winshare and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Xinhua Winshare vs. Liaoning Dingjide Petrochemical | Xinhua Winshare vs. Jilin Chemical Fibre | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Ningxia Younglight Chemicals |
| Hunan TV vs. China Mobile Limited | Hunan TV vs. Vanfund Urban Investment | Hunan TV vs. Fibocom Wireless | Hunan TV vs. Wuhan Yangtze Communication |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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