Correlation Between Zoy Home and Shenzhen Clou
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By analyzing existing cross correlation between Zoy Home Furnishing and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Zoy Home and Shenzhen Clou 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 Zoy Home with a short position of Shenzhen Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Shenzhen Clou.
Diversification Opportunities for Zoy Home and Shenzhen Clou
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zoy and Shenzhen is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics and Zoy 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 Zoy Home Furnishing are associated (or correlated) with Shenzhen Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Zoy Home i.e., Zoy Home and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Zoy Home and Shenzhen Clou
Assuming the 90 days trading horizon Zoy Home Furnishing is expected to generate 1.25 times more return on investment than Shenzhen Clou. However, Zoy Home is 1.25 times more volatile than Shenzhen Clou Electronics. It trades about 0.0 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about -0.04 per unit of risk. If you would invest 1,425 in Zoy Home Furnishing on November 30, 2024 and sell it today you would lose (291.00) from holding Zoy Home Furnishing or give up 20.42% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Zoy Home Furnishing vs. Shenzhen Clou Electronics
Performance |
Timeline |
Zoy Home Furnishing |
Shenzhen Clou Electronics |
Zoy Home and Shenzhen Clou Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zoy Home and Shenzhen Clou
The main advantage of trading using opposite Zoy Home and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home position performs unexpectedly, Shenzhen Clou 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 Shenzhen Clou will offset losses from the drop in Shenzhen Clou's long position.Zoy Home vs. Guangzhou Zhujiang Brewery | ||
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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