Correlation Between China Publishing and Guangdong Silvere
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By analyzing existing cross correlation between China Publishing Media and Guangdong Silvere Sci, you can compare the effects of market volatilities on China Publishing and Guangdong Silvere 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 Guangdong Silvere. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Guangdong Silvere.
Diversification Opportunities for China Publishing and Guangdong Silvere
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Guangdong is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Guangdong Silvere Sci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Silvere Sci 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 Guangdong Silvere. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Silvere Sci has no effect on the direction of China Publishing i.e., China Publishing and Guangdong Silvere go up and down completely randomly.
Pair Corralation between China Publishing and Guangdong Silvere
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the Guangdong Silvere. But the stock apears to be less risky and, when comparing its historical volatility, China Publishing Media is 1.35 times less risky than Guangdong Silvere. The stock trades about -0.18 of its potential returns per unit of risk. The Guangdong Silvere Sci is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 657.00 in Guangdong Silvere Sci on October 30, 2024 and sell it today you would lose (9.00) from holding Guangdong Silvere Sci or give up 1.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Guangdong Silvere Sci
Performance |
| Timeline |
| China Publishing Media |
| Guangdong Silvere Sci |
China Publishing and Guangdong Silvere Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Guangdong Silvere
The main advantage of trading using opposite China Publishing and Guangdong Silvere positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Guangdong Silvere 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 Guangdong Silvere will offset losses from the drop in Guangdong Silvere's long position.| China Publishing vs. Guangdong Jingyi Metal | China Publishing vs. Uroica Mining Safety | China Publishing vs. Bomesc Offshore Engineering | China Publishing vs. Tongyu Communication |
| Guangdong Silvere vs. Queclink Wireless Solutions | Guangdong Silvere vs. Changchun Engley Automobile | Guangdong Silvere vs. Wintao Communications Co | Guangdong Silvere vs. Chongqing Changan Automobile |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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