Correlation Between Southern PublishingMedia and Hua Xia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Southern PublishingMedia Co and Hua Xia Bank, you can compare the effects of market volatilities on Southern PublishingMedia and Hua Xia 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 Southern PublishingMedia with a short position of Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and Hua Xia.
Diversification Opportunities for Southern PublishingMedia and Hua Xia
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Southern and Hua is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia Co and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank and Southern PublishingMedia 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 Southern PublishingMedia Co are associated (or correlated) with Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of Southern PublishingMedia i.e., Southern PublishingMedia and Hua Xia go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and Hua Xia
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to generate 2.84 times more return on investment than Hua Xia. However, Southern PublishingMedia is 2.84 times more volatile than Hua Xia Bank. It trades about 0.05 of its potential returns per unit of risk. Hua Xia Bank is currently generating about 0.07 per unit of risk. If you would invest 811.00 in Southern PublishingMedia Co on September 4, 2024 and sell it today you would earn a total of 655.00 from holding Southern PublishingMedia Co or generate 80.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southern PublishingMedia Co vs. Hua Xia Bank
Performance |
| Timeline |
| Southern PublishingMedia |
| Hua Xia Bank |
Southern PublishingMedia and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and Hua Xia
The main advantage of trading using opposite Southern PublishingMedia and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia's long position.| Southern PublishingMedia vs. Ming Yang Smart | Southern PublishingMedia vs. 159681 | Southern PublishingMedia vs. 159005 | Southern PublishingMedia vs. 516220 |
| Hua Xia vs. Xinjiang Communications Construction | Hua Xia vs. Shandong Publishing Media | Hua Xia vs. Southern PublishingMedia Co | Hua Xia vs. Eastern Communications 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |