Correlation Between Tianjin Silvery and Panda Financial
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By analyzing existing cross correlation between Tianjin Silvery Dragon and Panda Financial Holding, you can compare the effects of market volatilities on Tianjin Silvery and Panda Financial 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 Panda Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Silvery and Panda Financial.
Diversification Opportunities for Tianjin Silvery and Panda Financial
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tianjin and Panda is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Silvery Dragon and Panda Financial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Financial Holding 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 Panda Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Financial Holding has no effect on the direction of Tianjin Silvery i.e., Tianjin Silvery and Panda Financial go up and down completely randomly.
Pair Corralation between Tianjin Silvery and Panda Financial
Assuming the 90 days trading horizon Tianjin Silvery Dragon is expected to generate 1.13 times more return on investment than Panda Financial. However, Tianjin Silvery is 1.13 times more volatile than Panda Financial Holding. It trades about 0.04 of its potential returns per unit of risk. Panda Financial Holding is currently generating about -0.2 per unit of risk. If you would invest 615.00 in Tianjin Silvery Dragon on November 3, 2024 and sell it today you would earn a total of 16.00 from holding Tianjin Silvery Dragon or generate 2.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Silvery Dragon vs. Panda Financial Holding
Performance |
| Timeline |
| Tianjin Silvery Dragon |
| Panda Financial Holding |
Tianjin Silvery and Panda Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Silvery and Panda Financial
The main advantage of trading using opposite Tianjin Silvery and Panda Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Silvery position performs unexpectedly, Panda Financial 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 Panda Financial will offset losses from the drop in Panda Financial's long position.| Tianjin Silvery vs. Mingchen Health Co | Tianjin Silvery vs. Jiangsu Financial Leasing | Tianjin Silvery vs. Xiamen Bank Co | Tianjin Silvery vs. Everjoy Health Group |
| Panda Financial vs. Shandong Kuntai New | Panda Financial vs. Ningbo Tip Rubber | Panda Financial vs. Jilin OLED Material | Panda Financial vs. GRIPM Advanced Materials |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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