Correlation Between Zhejiang Yongjin and Telling Telecommunicatio
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By analyzing existing cross correlation between Zhejiang Yongjin Metal and Telling Telecommunication Holding, you can compare the effects of market volatilities on Zhejiang Yongjin and Telling Telecommunicatio 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 Zhejiang Yongjin with a short position of Telling Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yongjin and Telling Telecommunicatio.
Diversification Opportunities for Zhejiang Yongjin and Telling Telecommunicatio
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zhejiang and Telling is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yongjin Metal and Telling Telecommunication Hold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telling Telecommunicatio and Zhejiang Yongjin 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 Zhejiang Yongjin Metal are associated (or correlated) with Telling Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telling Telecommunicatio has no effect on the direction of Zhejiang Yongjin i.e., Zhejiang Yongjin and Telling Telecommunicatio go up and down completely randomly.
Pair Corralation between Zhejiang Yongjin and Telling Telecommunicatio
Assuming the 90 days trading horizon Zhejiang Yongjin Metal is expected to under-perform the Telling Telecommunicatio. But the stock apears to be less risky and, when comparing its historical volatility, Zhejiang Yongjin Metal is 1.59 times less risky than Telling Telecommunicatio. The stock trades about -0.03 of its potential returns per unit of risk. The Telling Telecommunication Holding is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,140 in Telling Telecommunication Holding on October 31, 2024 and sell it today you would lose (136.00) from holding Telling Telecommunication Holding or give up 11.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yongjin Metal vs. Telling Telecommunication Hold
Performance |
| Timeline |
| Zhejiang Yongjin Metal |
| Telling Telecommunicatio |
Zhejiang Yongjin and Telling Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yongjin and Telling Telecommunicatio
The main advantage of trading using opposite Zhejiang Yongjin and Telling Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yongjin position performs unexpectedly, Telling Telecommunicatio 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 Telling Telecommunicatio will offset losses from the drop in Telling Telecommunicatio's long position.| Zhejiang Yongjin vs. GRG Banking Equipment | Zhejiang Yongjin vs. Pengxin International Mining | Zhejiang Yongjin vs. Postal Savings Bank | Zhejiang Yongjin vs. Hua Xia Bank |
| Telling Telecommunicatio vs. Youyou Foods Co | Telling Telecommunicatio vs. Jiahe Foods Industry | Telling Telecommunicatio vs. Marssenger Kitchenware Co | Telling Telecommunicatio vs. Anji Foodstuff 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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