Correlation Between Duzhe Publishing and BrightGene Bio
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By analyzing existing cross correlation between Duzhe Publishing Media and BrightGene Bio Medical, you can compare the effects of market volatilities on Duzhe Publishing and BrightGene Bio 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 BrightGene Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and BrightGene Bio.
Diversification Opportunities for Duzhe Publishing and BrightGene Bio
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Duzhe and BrightGene is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and BrightGene Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BrightGene Bio Medical 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 BrightGene Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BrightGene Bio Medical has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and BrightGene Bio go up and down completely randomly.
Pair Corralation between Duzhe Publishing and BrightGene Bio
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to under-perform the BrightGene Bio. In addition to that, Duzhe Publishing is 1.43 times more volatile than BrightGene Bio Medical. It trades about -0.54 of its total potential returns per unit of risk. BrightGene Bio Medical is currently generating about -0.28 per unit of volatility. If you would invest 3,360 in BrightGene Bio Medical on October 16, 2024 and sell it today you would lose (405.00) from holding BrightGene Bio Medical or give up 12.05% 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. BrightGene Bio Medical
Performance |
| Timeline |
| Duzhe Publishing Media |
| BrightGene Bio Medical |
Duzhe Publishing and BrightGene Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and BrightGene Bio
The main advantage of trading using opposite Duzhe Publishing and BrightGene Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, BrightGene Bio 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 BrightGene Bio will offset losses from the drop in BrightGene Bio's long position.| Duzhe Publishing vs. Cowealth Medical China | Duzhe Publishing vs. Winner Medical Co | Duzhe Publishing vs. Zhonghong Pulin Medical | Duzhe Publishing vs. Touchstone International Medical |
| BrightGene Bio vs. JCHX Mining Management | BrightGene Bio vs. China Mobile Limited | BrightGene Bio vs. CICC Fund Management | BrightGene Bio vs. Shanghai CEO Environmental |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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