Correlation Between Duzhe Publishing and Hubei Geoway
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By analyzing existing cross correlation between Duzhe Publishing Media and Hubei Geoway Investment, you can compare the effects of market volatilities on Duzhe Publishing and Hubei Geoway 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 Hubei Geoway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Hubei Geoway.
Diversification Opportunities for Duzhe Publishing and Hubei Geoway
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Duzhe and Hubei is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Hubei Geoway Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Geoway Investment 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 Hubei Geoway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Geoway Investment has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Hubei Geoway go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Hubei Geoway
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to under-perform the Hubei Geoway. But the stock apears to be less risky and, when comparing its historical volatility, Duzhe Publishing Media is 1.07 times less risky than Hubei Geoway. The stock trades about -0.29 of its potential returns per unit of risk. The Hubei Geoway Investment is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest 182.00 in Hubei Geoway Investment on October 13, 2024 and sell it today you would lose (35.00) from holding Hubei Geoway Investment or give up 19.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Hubei Geoway Investment
Performance |
| Timeline |
| Duzhe Publishing Media |
| Hubei Geoway Investment |
Duzhe Publishing and Hubei Geoway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Hubei Geoway
The main advantage of trading using opposite Duzhe Publishing and Hubei Geoway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Hubei Geoway 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 Hubei Geoway will offset losses from the drop in Hubei Geoway's long position.| Duzhe Publishing vs. GreenTech Environmental Co | Duzhe Publishing vs. Dynagreen Environmental Protection | Duzhe Publishing vs. Fujian Nanwang Environment | Duzhe Publishing vs. Shaanxi Broadcast TV |
| Hubei Geoway vs. Thinkingdom Media Group | Hubei Geoway vs. Mango Excellent Media | Hubei Geoway vs. Duzhe Publishing Media | Hubei Geoway vs. Northern United Publishing |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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