Correlation Between AUPU Home and Shandong Gold
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By analyzing existing cross correlation between AUPU Home Style and Shandong Gold Mining, you can compare the effects of market volatilities on AUPU Home and Shandong Gold 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 AUPU Home with a short position of Shandong Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUPU Home and Shandong Gold.
Diversification Opportunities for AUPU Home and Shandong Gold
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AUPU and Shandong is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding AUPU Home Style and Shandong Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Gold Mining and AUPU Home 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 AUPU Home Style are associated (or correlated) with Shandong Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Gold Mining has no effect on the direction of AUPU Home i.e., AUPU Home and Shandong Gold go up and down completely randomly.
Pair Corralation between AUPU Home and Shandong Gold
Assuming the 90 days trading horizon AUPU Home Style is expected to under-perform the Shandong Gold. In addition to that, AUPU Home is 1.52 times more volatile than Shandong Gold Mining. It trades about -0.01 of its total potential returns per unit of risk. Shandong Gold Mining is currently generating about 0.05 per unit of volatility. If you would invest 2,404 in Shandong Gold Mining on November 5, 2024 and sell it today you would earn a total of 29.00 from holding Shandong Gold Mining or generate 1.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUPU Home Style vs. Shandong Gold Mining
Performance |
| Timeline |
| AUPU Home Style |
| Shandong Gold Mining |
AUPU Home and Shandong Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUPU Home and Shandong Gold
The main advantage of trading using opposite AUPU Home and Shandong Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUPU Home position performs unexpectedly, Shandong Gold 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 Shandong Gold will offset losses from the drop in Shandong Gold's long position.| AUPU Home vs. Duzhe Publishing Media | AUPU Home vs. Shuhua Sports Co | AUPU Home vs. Shaanxi Broadcast TV | AUPU Home vs. Threes Company Media |
| Shandong Gold vs. Easyhome New Retail | Shandong Gold vs. Anhui Transport Consulting | Shandong Gold vs. XiAn Dagang Road | Shandong Gold vs. Shanghai Rightongene Biotechnology |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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