Correlation Between China Publishing and Guangzhou KingTeller
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By analyzing existing cross correlation between China Publishing Media and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on China Publishing and Guangzhou KingTeller 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 Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Guangzhou KingTeller.
Diversification Opportunities for China Publishing and Guangzhou KingTeller
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between China and Guangzhou is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller 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 Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of China Publishing i.e., China Publishing and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between China Publishing and Guangzhou KingTeller
Assuming the 90 days trading horizon China Publishing is expected to generate 1.19 times less return on investment than Guangzhou KingTeller. But when comparing it to its historical volatility, China Publishing Media is 1.1 times less risky than Guangzhou KingTeller. It trades about 0.18 of its potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 323.00 in Guangzhou KingTeller Technology on September 3, 2024 and sell it today you would earn a total of 175.00 from holding Guangzhou KingTeller Technology or generate 54.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| China Publishing Media |
| Guangzhou KingTeller |
China Publishing and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Guangzhou KingTeller
The main advantage of trading using opposite China Publishing and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| China Publishing vs. China Railway Construction | China Publishing vs. Lutian Machinery Co | China Publishing vs. Anhui Huilong Agricultural | China Publishing vs. Yingde Greatchem Chemicals |
| Guangzhou KingTeller vs. Agricultural Bank of | Guangzhou KingTeller vs. China Construction Bank | Guangzhou KingTeller vs. Postal Savings Bank | Guangzhou KingTeller vs. Bank of Communications |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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