Correlation Between Tianjin Silvery and Hunan TV
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By analyzing existing cross correlation between Tianjin Silvery Dragon and Hunan TV Broadcast, you can compare the effects of market volatilities on Tianjin Silvery and Hunan TV 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 Tianjin Silvery with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Silvery and Hunan TV.
Diversification Opportunities for Tianjin Silvery and Hunan TV
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tianjin and Hunan is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Silvery Dragon and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Tianjin Silvery 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 Tianjin Silvery Dragon are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Tianjin Silvery i.e., Tianjin Silvery and Hunan TV go up and down completely randomly.
Pair Corralation between Tianjin Silvery and Hunan TV
Assuming the 90 days trading horizon Tianjin Silvery Dragon is expected to generate 0.73 times more return on investment than Hunan TV. However, Tianjin Silvery Dragon is 1.38 times less risky than Hunan TV. It trades about 0.08 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.0 per unit of risk. If you would invest 584.00 in Tianjin Silvery Dragon on September 12, 2024 and sell it today you would earn a total of 22.00 from holding Tianjin Silvery Dragon or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Silvery Dragon vs. Hunan TV Broadcast
Performance |
| Timeline |
| Tianjin Silvery Dragon |
| Hunan TV Broadcast |
Tianjin Silvery and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Silvery and Hunan TV
The main advantage of trading using opposite Tianjin Silvery and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Silvery position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Tianjin Silvery vs. Zijin Mining Group | Tianjin Silvery vs. Wanhua Chemical Group | Tianjin Silvery vs. Baoshan Iron Steel | Tianjin Silvery vs. Rongsheng Petrochemical Co |
| Hunan TV vs. Kweichow Moutai Co | Hunan TV vs. Shenzhen Mindray Bio Medical | Hunan TV vs. G bits Network Technology | Hunan TV 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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