Correlation Between China Publishing and Western Superconducting
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By analyzing existing cross correlation between China Publishing Media and Western Superconducting Tech, you can compare the effects of market volatilities on China Publishing and Western Superconducting 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 Western Superconducting. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Western Superconducting.
Diversification Opportunities for China Publishing and Western Superconducting
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Western is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Western Superconducting Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Superconducting 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 Western Superconducting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Superconducting has no effect on the direction of China Publishing i.e., China Publishing and Western Superconducting go up and down completely randomly.
Pair Corralation between China Publishing and Western Superconducting
Assuming the 90 days trading horizon China Publishing Media is expected to generate 0.92 times more return on investment than Western Superconducting. However, China Publishing Media is 1.09 times less risky than Western Superconducting. It trades about 0.08 of its potential returns per unit of risk. Western Superconducting Tech is currently generating about 0.04 per unit of risk. If you would invest 604.00 in China Publishing Media on September 27, 2024 and sell it today you would earn a total of 150.00 from holding China Publishing Media or generate 24.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Western Superconducting Tech
Performance |
| Timeline |
| China Publishing Media |
| Western Superconducting |
China Publishing and Western Superconducting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Western Superconducting
The main advantage of trading using opposite China Publishing and Western Superconducting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Western Superconducting 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 Western Superconducting will offset losses from the drop in Western Superconducting's long position.| China Publishing vs. PetroChina Co Ltd | China Publishing vs. China Mobile Limited | China Publishing vs. CNOOC Limited | China Publishing vs. Ping An Insurance |
| Western Superconducting vs. Eastroc Beverage Group | Western Superconducting vs. Jiajia Food Group | Western Superconducting vs. Great Sun Foods Co | Western Superconducting vs. Suzhou Weizhixiang Food |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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