Correlation Between China Publishing and Heilongjiang Publishing
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By analyzing existing cross correlation between China Publishing Media and Heilongjiang Publishing Media, you can compare the effects of market volatilities on China Publishing and Heilongjiang 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 Heilongjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Heilongjiang Publishing.
Diversification Opportunities for China Publishing and Heilongjiang Publishing
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Heilongjiang is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Heilongjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang 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 Heilongjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Publishing has no effect on the direction of China Publishing i.e., China Publishing and Heilongjiang Publishing go up and down completely randomly.
Pair Corralation between China Publishing and Heilongjiang Publishing
Assuming the 90 days trading horizon China Publishing is expected to generate 1.09 times less return on investment than Heilongjiang Publishing. But when comparing it to its historical volatility, China Publishing Media is 1.15 times less risky than Heilongjiang Publishing. It trades about 0.05 of its potential returns per unit of risk. Heilongjiang Publishing Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,041 in Heilongjiang Publishing Media on August 30, 2024 and sell it today you would earn a total of 648.00 from holding Heilongjiang Publishing Media or generate 62.25% 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. Heilongjiang Publishing Media
Performance |
| Timeline |
| China Publishing Media |
| Heilongjiang Publishing |
China Publishing and Heilongjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Heilongjiang Publishing
The main advantage of trading using opposite China Publishing and Heilongjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Heilongjiang 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 Heilongjiang Publishing will offset losses from the drop in Heilongjiang Publishing's long position.| China Publishing vs. Industrial and Commercial | China Publishing vs. Agricultural Bank of | China Publishing vs. China Construction Bank | China Publishing vs. Bank of China |
| Heilongjiang Publishing vs. Industrial and Commercial | Heilongjiang Publishing vs. Agricultural Bank of | Heilongjiang Publishing vs. China Construction Bank | Heilongjiang Publishing 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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