Correlation Between AUPU Home and Changjiang Publishing
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By analyzing existing cross correlation between AUPU Home Style and Changjiang Publishing Media, you can compare the effects of market volatilities on AUPU Home and Changjiang 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 AUPU Home with a short position of Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUPU Home and Changjiang Publishing.
Diversification Opportunities for AUPU Home and Changjiang Publishing
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between AUPU and Changjiang is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding AUPU Home Style and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of AUPU Home i.e., AUPU Home and Changjiang Publishing go up and down completely randomly.
Pair Corralation between AUPU Home and Changjiang Publishing
Assuming the 90 days trading horizon AUPU Home Style is expected to generate 1.28 times more return on investment than Changjiang Publishing. However, AUPU Home is 1.28 times more volatile than Changjiang Publishing Media. It trades about -0.03 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about -0.12 per unit of risk. If you would invest 1,077 in AUPU Home Style on November 3, 2024 and sell it today you would lose (17.00) from holding AUPU Home Style or give up 1.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUPU Home Style vs. Changjiang Publishing Media
Performance |
| Timeline |
| AUPU Home Style |
| Changjiang Publishing |
AUPU Home and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUPU Home and Changjiang Publishing
The main advantage of trading using opposite AUPU Home and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUPU Home position performs unexpectedly, Changjiang 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| AUPU Home vs. Aier Eye Hospital | AUPU Home vs. Heren Health Co | AUPU Home vs. Easyhome New Retail | AUPU Home vs. Lutian Machinery Co |
| Changjiang Publishing vs. Yan Tai Shuang | Changjiang Publishing vs. Jiamei Food Packaging | Changjiang Publishing vs. JuneYao Dairy Co | Changjiang Publishing vs. Youyou Foods Co |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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