Correlation Between China Publishing and Shanghai Jinfeng
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By analyzing existing cross correlation between China Publishing Media and Shanghai Jinfeng Wine, you can compare the effects of market volatilities on China Publishing and Shanghai Jinfeng 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 Shanghai Jinfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Shanghai Jinfeng.
Diversification Opportunities for China Publishing and Shanghai Jinfeng
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Shanghai is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Shanghai Jinfeng Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jinfeng Wine 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 Shanghai Jinfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jinfeng Wine has no effect on the direction of China Publishing i.e., China Publishing and Shanghai Jinfeng go up and down completely randomly.
Pair Corralation between China Publishing and Shanghai Jinfeng
Assuming the 90 days trading horizon China Publishing Media is expected to generate 1.8 times more return on investment than Shanghai Jinfeng. However, China Publishing is 1.8 times more volatile than Shanghai Jinfeng Wine. It trades about 0.22 of its potential returns per unit of risk. Shanghai Jinfeng Wine is currently generating about 0.21 per unit of risk. If you would invest 678.00 in China Publishing Media on September 4, 2024 and sell it today you would earn a total of 157.00 from holding China Publishing Media or generate 23.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Shanghai Jinfeng Wine
Performance |
| Timeline |
| China Publishing Media |
| Shanghai Jinfeng Wine |
China Publishing and Shanghai Jinfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Shanghai Jinfeng
The main advantage of trading using opposite China Publishing and Shanghai Jinfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Shanghai Jinfeng 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 Shanghai Jinfeng will offset losses from the drop in Shanghai Jinfeng's long position.| China Publishing vs. Wuhan Yangtze Communication | China Publishing vs. Hubei Xingfa Chemicals | China Publishing vs. Lootom Telcovideo Network | China Publishing vs. Do Fluoride Chemicals Co |
| Shanghai Jinfeng vs. Industrial and Commercial | Shanghai Jinfeng vs. Agricultural Bank of | Shanghai Jinfeng vs. China Construction Bank | Shanghai Jinfeng vs. Bank of China |
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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