Correlation Between AUPU Home and Wuhan Xianglong
Specify exactly 2 symbols:
By analyzing existing cross correlation between AUPU Home Style and Wuhan Xianglong Power, you can compare the effects of market volatilities on AUPU Home and Wuhan Xianglong 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 Wuhan Xianglong. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUPU Home and Wuhan Xianglong.
Diversification Opportunities for AUPU Home and Wuhan Xianglong
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AUPU and Wuhan is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding AUPU Home Style and Wuhan Xianglong Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Xianglong Power 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 Wuhan Xianglong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Xianglong Power has no effect on the direction of AUPU Home i.e., AUPU Home and Wuhan Xianglong go up and down completely randomly.
Pair Corralation between AUPU Home and Wuhan Xianglong
Assuming the 90 days trading horizon AUPU Home is expected to generate 3.43 times less return on investment than Wuhan Xianglong. But when comparing it to its historical volatility, AUPU Home Style is 1.46 times less risky than Wuhan Xianglong. It trades about 0.01 of its potential returns per unit of risk. Wuhan Xianglong Power is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 830.00 in Wuhan Xianglong Power on November 27, 2024 and sell it today you would earn a total of 164.00 from holding Wuhan Xianglong Power or generate 19.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUPU Home Style vs. Wuhan Xianglong Power
Performance |
| Timeline |
| AUPU Home Style |
| Wuhan Xianglong Power |
AUPU Home and Wuhan Xianglong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUPU Home and Wuhan Xianglong
The main advantage of trading using opposite AUPU Home and Wuhan Xianglong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUPU Home position performs unexpectedly, Wuhan Xianglong 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 Wuhan Xianglong will offset losses from the drop in Wuhan Xianglong's long position.| AUPU Home vs. Changjiang Publishing Media | AUPU Home vs. Ciwen Media Co | AUPU Home vs. Shandong Longquan Pipeline | AUPU Home vs. Sanbo Hospital Management |
| Wuhan Xianglong vs. Shenzhen Noposion Agrochemicals | Wuhan Xianglong vs. Jiangsu GDK Biotechnology | Wuhan Xianglong vs. Hefei Metalforming Mach | Wuhan Xianglong vs. Liaoning Chengda 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |