Correlation Between China Publishing and Hygon Information
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By analyzing existing cross correlation between China Publishing Media and Hygon Information Technology, you can compare the effects of market volatilities on China Publishing and Hygon Information 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 Hygon Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Hygon Information.
Diversification Opportunities for China Publishing and Hygon Information
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Hygon is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Hygon Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hygon Information 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 Hygon Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hygon Information has no effect on the direction of China Publishing i.e., China Publishing and Hygon Information go up and down completely randomly.
Pair Corralation between China Publishing and Hygon Information
Assuming the 90 days trading horizon China Publishing Media is expected to generate 0.56 times more return on investment than Hygon Information. However, China Publishing Media is 1.78 times less risky than Hygon Information. It trades about -0.16 of its potential returns per unit of risk. Hygon Information Technology is currently generating about -0.2 per unit of risk. If you would invest 752.00 in China Publishing Media on October 28, 2024 and sell it today you would lose (54.00) from holding China Publishing Media or give up 7.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Hygon Information Technology
Performance |
| Timeline |
| China Publishing Media |
| Hygon Information |
China Publishing and Hygon Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Hygon Information
The main advantage of trading using opposite China Publishing and Hygon Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Hygon Information 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 Hygon Information will offset losses from the drop in Hygon Information's long position.| China Publishing vs. Bus Online Co | China Publishing vs. Holitech Technology Co | China Publishing vs. Gome Telecom Equipment | China Publishing vs. Cultural Investment Holdings |
| Hygon Information vs. Lotus Health Group | Hygon Information vs. Meinian Onehealth Healthcare | Hygon Information vs. Hengli Petrochemical Co | Hygon Information vs. Goodwill E Health |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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