Correlation Between Duzhe Publishing and Luxi Chemical
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By analyzing existing cross correlation between Duzhe Publishing Media and Luxi Chemical Group, you can compare the effects of market volatilities on Duzhe Publishing and Luxi Chemical 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 Duzhe Publishing with a short position of Luxi Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Luxi Chemical.
Diversification Opportunities for Duzhe Publishing and Luxi Chemical
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Duzhe and Luxi is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Luxi Chemical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luxi Chemical Group and Duzhe Publishing 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 Duzhe Publishing Media are associated (or correlated) with Luxi Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luxi Chemical Group has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Luxi Chemical go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Luxi Chemical
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to under-perform the Luxi Chemical. In addition to that, Duzhe Publishing is 2.5 times more volatile than Luxi Chemical Group. It trades about -0.06 of its total potential returns per unit of risk. Luxi Chemical Group is currently generating about -0.13 per unit of volatility. If you would invest 1,176 in Luxi Chemical Group on December 3, 2024 and sell it today you would lose (23.00) from holding Luxi Chemical Group or give up 1.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Luxi Chemical Group
Performance |
| Timeline |
| Duzhe Publishing Media |
| Luxi Chemical Group |
Duzhe Publishing and Luxi Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Luxi Chemical
The main advantage of trading using opposite Duzhe Publishing and Luxi Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Luxi Chemical 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 Luxi Chemical will offset losses from the drop in Luxi Chemical's long position.| Duzhe Publishing vs. Jointo Energy Investment | Duzhe Publishing vs. Porton Fine Chemicals | Duzhe Publishing vs. Suzhou Douson Drilling | Duzhe Publishing vs. Ningxia Younglight Chemicals |
| Luxi Chemical vs. Giantec Semiconductor Corp | Luxi Chemical vs. China Asset Management | Luxi Chemical vs. Ping An Insurance | Luxi Chemical vs. China Life Insurance |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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