Correlation Between Southern PublishingMedia and Eastroc Beverage
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By analyzing existing cross correlation between Southern PublishingMedia Co and Eastroc Beverage Group, you can compare the effects of market volatilities on Southern PublishingMedia and Eastroc Beverage 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 Eastroc Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and Eastroc Beverage.
Diversification Opportunities for Southern PublishingMedia and Eastroc Beverage
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Southern and Eastroc is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia Co and Eastroc Beverage Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastroc Beverage 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 Eastroc Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastroc Beverage has no effect on the direction of Southern PublishingMedia i.e., Southern PublishingMedia and Eastroc Beverage go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and Eastroc Beverage
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to generate 0.44 times more return on investment than Eastroc Beverage. However, Southern PublishingMedia Co is 2.25 times less risky than Eastroc Beverage. It trades about 0.44 of its potential returns per unit of risk. Eastroc Beverage Group is currently generating about -0.05 per unit of risk. If you would invest 1,460 in Southern PublishingMedia Co on November 5, 2024 and sell it today you would earn a total of 152.00 from holding Southern PublishingMedia Co or generate 10.41% 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. Eastroc Beverage Group
Performance |
| Timeline |
| Southern PublishingMedia |
| Eastroc Beverage |
Southern PublishingMedia and Eastroc Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and Eastroc Beverage
The main advantage of trading using opposite Southern PublishingMedia and Eastroc Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia position performs unexpectedly, Eastroc Beverage 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 Eastroc Beverage will offset losses from the drop in Eastroc Beverage's long position.| Southern PublishingMedia vs. New Hope Dairy | Southern PublishingMedia vs. Guilin Seamild Foods | Southern PublishingMedia vs. Kingclean Electric Co | Southern PublishingMedia vs. Eastroc Beverage Group |
| Eastroc Beverage vs. Nanjing Putian Telecommunications | Eastroc Beverage vs. Cloud Live Technology | Eastroc Beverage vs. Shenzhen Coship Electronics | Eastroc Beverage vs. Shenzhen Hifuture Electric |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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