Correlation Between China Publishing and ZYF Lopsking
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By analyzing existing cross correlation between China Publishing Media and ZYF Lopsking Aluminum, you can compare the effects of market volatilities on China Publishing and ZYF Lopsking 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 ZYF Lopsking. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and ZYF Lopsking.
Diversification Opportunities for China Publishing and ZYF Lopsking
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and ZYF is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and ZYF Lopsking Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZYF Lopsking Aluminum 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 ZYF Lopsking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZYF Lopsking Aluminum has no effect on the direction of China Publishing i.e., China Publishing and ZYF Lopsking go up and down completely randomly.
Pair Corralation between China Publishing and ZYF Lopsking
Assuming the 90 days trading horizon China Publishing Media is expected to generate 1.07 times more return on investment than ZYF Lopsking. However, China Publishing is 1.07 times more volatile than ZYF Lopsking Aluminum. It trades about -0.16 of its potential returns per unit of risk. ZYF Lopsking Aluminum is currently generating about -0.17 per unit of risk. If you would invest 817.00 in China Publishing Media on September 29, 2024 and sell it today you would lose (65.00) from holding China Publishing Media or give up 7.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. ZYF Lopsking Aluminum
Performance |
| Timeline |
| China Publishing Media |
| ZYF Lopsking Aluminum |
China Publishing and ZYF Lopsking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and ZYF Lopsking
The main advantage of trading using opposite China Publishing and ZYF Lopsking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, ZYF Lopsking 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 ZYF Lopsking will offset losses from the drop in ZYF Lopsking's long position.| China Publishing vs. GreenTech Environmental Co | China Publishing vs. Ningbo MedicalSystem Biotechnology | China Publishing vs. Tongxing Environmental Protection | China Publishing vs. Anyang Iron Steel |
| ZYF Lopsking vs. Wanhua Chemical Group | ZYF Lopsking vs. Shandong Gold Mining | ZYF Lopsking vs. Rongsheng Petrochemical Co | ZYF Lopsking vs. Inner Mongolia BaoTou |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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