Correlation Between China Kings and China Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Kings Resources and China Publishing Media, you can compare the effects of market volatilities on China Kings and China 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 Kings with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Kings and China Publishing.
Diversification Opportunities for China Kings and China Publishing
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and China is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding China Kings Resources and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and China Kings 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 Kings Resources are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of China Kings i.e., China Kings and China Publishing go up and down completely randomly.
Pair Corralation between China Kings and China Publishing
Assuming the 90 days trading horizon China Kings Resources is expected to under-perform the China Publishing. But the stock apears to be less risky and, when comparing its historical volatility, China Kings Resources is 2.2 times less risky than China Publishing. The stock trades about -0.12 of its potential returns per unit of risk. The China Publishing Media is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 758.00 in China Publishing Media on September 12, 2024 and sell it today you would earn a total of 97.00 from holding China Publishing Media or generate 12.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
China Kings Resources vs. China Publishing Media
Performance |
| Timeline |
| China Kings Resources |
| China Publishing Media |
China Kings and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Kings and China Publishing
The main advantage of trading using opposite China Kings and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Kings position performs unexpectedly, China 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 China Publishing will offset losses from the drop in China Publishing's long position.| China Kings vs. Sichuan Fulin Transportation | China Kings vs. Shaanxi Broadcast TV | China Kings vs. Juneyao Airlines | China Kings vs. Shanghai Broadband Technology |
| China Publishing vs. Kweichow Moutai Co | China Publishing vs. Shenzhen Mindray Bio Medical | China Publishing vs. G bits Network Technology | China Publishing vs. Beijing Roborock Technology |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Positions Ratings 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 | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |