Correlation Between Southern PublishingMedia and Chinese Universe
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By analyzing existing cross correlation between Southern PublishingMedia Co and Chinese Universe Publishing, you can compare the effects of market volatilities on Southern PublishingMedia and Chinese Universe 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 Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and Chinese Universe.
Diversification Opportunities for Southern PublishingMedia and Chinese Universe
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Southern and Chinese is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia Co and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub 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 Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Southern PublishingMedia i.e., Southern PublishingMedia and Chinese Universe go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and Chinese Universe
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to generate 0.95 times more return on investment than Chinese Universe. However, Southern PublishingMedia Co is 1.05 times less risky than Chinese Universe. It trades about 0.28 of its potential returns per unit of risk. Chinese Universe Publishing is currently generating about -0.2 per unit of risk. If you would invest 1,498 in Southern PublishingMedia Co on November 4, 2024 and sell it today you would earn a total of 114.00 from holding Southern PublishingMedia Co or generate 7.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southern PublishingMedia Co vs. Chinese Universe Publishing
Performance |
| Timeline |
| Southern PublishingMedia |
| Chinese Universe Pub |
Southern PublishingMedia and Chinese Universe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and Chinese Universe
The main advantage of trading using opposite Southern PublishingMedia and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.| Southern PublishingMedia vs. Shenzhen Cotran New | Southern PublishingMedia vs. Lotus Health Group | Southern PublishingMedia vs. Beijing Lier High | Southern PublishingMedia vs. Shanghai Rongtai Health |
| Chinese Universe vs. Hubei Xingfa Chemicals | Chinese Universe vs. HeNan Splendor Science | Chinese Universe vs. Shandong Polymer Biochemicals | Chinese Universe vs. Shandong Intco 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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