Correlation Between Duzhe Publishing and Jiangsu Yueda
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By analyzing existing cross correlation between Duzhe Publishing Media and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Duzhe Publishing and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Jiangsu Yueda.
Diversification Opportunities for Duzhe Publishing and Jiangsu Yueda
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Duzhe and Jiangsu is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Jiangsu Yueda
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to under-perform the Jiangsu Yueda. In addition to that, Duzhe Publishing is 1.54 times more volatile than Jiangsu Yueda Investment. It trades about -0.22 of its total potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about -0.25 per unit of volatility. If you would invest 491.00 in Jiangsu Yueda Investment on October 12, 2024 and sell it today you would lose (64.00) from holding Jiangsu Yueda Investment or give up 13.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Duzhe Publishing Media |
| Jiangsu Yueda Investment |
Duzhe Publishing and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Jiangsu Yueda
The main advantage of trading using opposite Duzhe Publishing and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Duzhe Publishing vs. Jinhe Biotechnology Co | Duzhe Publishing vs. China Minmetals Rare | Duzhe Publishing vs. Western Metal Materials | Duzhe Publishing vs. Gansu Huangtai Wine marketing |
| Jiangsu Yueda vs. Duzhe Publishing Media | Jiangsu Yueda vs. Changjiang Publishing Media | Jiangsu Yueda vs. Southern PublishingMedia Co | Jiangsu Yueda vs. Guangzhou Jinyi Media |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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