Correlation Between China Publishing and Changjiang Publishing
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By analyzing existing cross correlation between China Publishing Media and Changjiang Publishing Media, you can compare the effects of market volatilities on China Publishing and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Changjiang Publishing.
Diversification Opportunities for China Publishing and Changjiang Publishing
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between China and Changjiang is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of China Publishing i.e., China Publishing and Changjiang Publishing go up and down completely randomly.
Pair Corralation between China Publishing and Changjiang Publishing
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the Changjiang Publishing. In addition to that, China Publishing is 1.35 times more volatile than Changjiang Publishing Media. It trades about 0.0 of its total potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.03 per unit of volatility. If you would invest 803.00 in Changjiang Publishing Media on October 12, 2024 and sell it today you would earn a total of 71.00 from holding Changjiang Publishing Media or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Changjiang Publishing Media
Performance |
| Timeline |
| China Publishing Media |
| Changjiang Publishing |
China Publishing and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Changjiang Publishing
The main advantage of trading using opposite China Publishing and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| China Publishing vs. Shanghai Broadband Technology | China Publishing vs. Fujian Longzhou Transportation | China Publishing vs. Road Environment Technology | China Publishing vs. Zhengping RoadBridge Constr |
| Changjiang Publishing vs. Jiangsu Phoenix Publishing | Changjiang Publishing vs. Xinhua Winshare Publishing | Changjiang Publishing vs. China Publishing Media | Changjiang Publishing vs. Eastern Air Logistics |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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