Correlation Between China Publishing and Zhongrun Resources
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By analyzing existing cross correlation between China Publishing Media and Zhongrun Resources Investment, you can compare the effects of market volatilities on China Publishing and Zhongrun Resources 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 China Publishing with a short position of Zhongrun Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Zhongrun Resources.
Diversification Opportunities for China Publishing and Zhongrun Resources
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Zhongrun is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Zhongrun Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongrun Resources and China Publishing 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 China Publishing Media are associated (or correlated) with Zhongrun Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongrun Resources has no effect on the direction of China Publishing i.e., China Publishing and Zhongrun Resources go up and down completely randomly.
Pair Corralation between China Publishing and Zhongrun Resources
Assuming the 90 days trading horizon China Publishing Media is expected to generate 0.87 times more return on investment than Zhongrun Resources. However, China Publishing Media is 1.14 times less risky than Zhongrun Resources. It trades about 0.03 of its potential returns per unit of risk. Zhongrun Resources Investment is currently generating about 0.03 per unit of risk. If you would invest 494.00 in China Publishing Media on October 14, 2024 and sell it today you would earn a total of 156.00 from holding China Publishing Media or generate 31.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
China Publishing Media vs. Zhongrun Resources Investment
Performance |
| Timeline |
| China Publishing Media |
| Zhongrun Resources |
China Publishing and Zhongrun Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Zhongrun Resources
The main advantage of trading using opposite China Publishing and Zhongrun Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Zhongrun Resources 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 Zhongrun Resources will offset losses from the drop in Zhongrun Resources' long position.| China Publishing vs. Jinling Hotel Corp | China Publishing vs. China Satellite Communications | China Publishing vs. Ningbo Tip Rubber | China Publishing vs. Jinsanjiang Silicon Material |
| Zhongrun Resources vs. Giantec Semiconductor Corp | Zhongrun Resources vs. Heilongjiang Publishing Media | Zhongrun Resources vs. China Publishing Media | Zhongrun Resources vs. GigaDevice SemiconductorBeiji |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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