Correlation Between China Publishing and Goodwill E
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By analyzing existing cross correlation between China Publishing Media and Goodwill E Health, you can compare the effects of market volatilities on China Publishing and Goodwill E 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 Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Goodwill E.
Diversification Opportunities for China Publishing and Goodwill E
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Goodwill is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health 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 Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of China Publishing i.e., China Publishing and Goodwill E go up and down completely randomly.
Pair Corralation between China Publishing and Goodwill E
Assuming the 90 days trading horizon China Publishing Media is expected to generate 0.86 times more return on investment than Goodwill E. However, China Publishing Media is 1.16 times less risky than Goodwill E. It trades about -0.16 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.16 per unit of risk. If you would invest 865.00 in China Publishing Media on October 16, 2024 and sell it today you would lose (184.00) from holding China Publishing Media or give up 21.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Goodwill E Health
Performance |
| Timeline |
| China Publishing Media |
| Goodwill E Health |
China Publishing and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Goodwill E
The main advantage of trading using opposite China Publishing and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| China Publishing vs. Wintao Communications Co | China Publishing vs. Guangxi Wuzhou Communications | China Publishing vs. Everjoy Health Group | China Publishing vs. Heren Health Co |
| Goodwill E vs. Beijing Enlight Media | Goodwill E vs. China Publishing Media | Goodwill E vs. Hengdian Entertainment Co | Goodwill E vs. Sportsoul Co Ltd |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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