Correlation Between China Publishing and Sunwoda Electronic
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By analyzing existing cross correlation between China Publishing Media and Sunwoda Electronic, you can compare the effects of market volatilities on China Publishing and Sunwoda Electronic 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 Sunwoda Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Sunwoda Electronic.
Diversification Opportunities for China Publishing and Sunwoda Electronic
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Sunwoda is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Sunwoda Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sunwoda Electronic 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 Sunwoda Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sunwoda Electronic has no effect on the direction of China Publishing i.e., China Publishing and Sunwoda Electronic go up and down completely randomly.
Pair Corralation between China Publishing and Sunwoda Electronic
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the Sunwoda Electronic. In addition to that, China Publishing is 1.03 times more volatile than Sunwoda Electronic. It trades about -0.33 of its total potential returns per unit of risk. Sunwoda Electronic is currently generating about -0.17 per unit of volatility. If you would invest 2,274 in Sunwoda Electronic on October 18, 2024 and sell it today you would lose (172.00) from holding Sunwoda Electronic or give up 7.56% 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. Sunwoda Electronic
Performance |
| Timeline |
| China Publishing Media |
| Sunwoda Electronic |
China Publishing and Sunwoda Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Sunwoda Electronic
The main advantage of trading using opposite China Publishing and Sunwoda Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Sunwoda Electronic 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 Sunwoda Electronic will offset losses from the drop in Sunwoda Electronic's long position.| China Publishing vs. Yindu Kitchen Equipment | China Publishing vs. Jiangsu Yueda Investment | China Publishing vs. Hubei Geoway Investment | China Publishing vs. Beijing Mainstreets Investment |
| Sunwoda Electronic vs. Chahua Modern Housewares | Sunwoda Electronic vs. Will Semiconductor Co | Sunwoda Electronic vs. Suzhou Oriental Semiconductor | Sunwoda Electronic vs. Thinkon Semiconductor Jinzhou |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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