Correlation Between Duzhe Publishing and Sinocelltech
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By analyzing existing cross correlation between Duzhe Publishing Media and Sinocelltech Group, you can compare the effects of market volatilities on Duzhe Publishing and Sinocelltech 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 Sinocelltech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Sinocelltech.
Diversification Opportunities for Duzhe Publishing and Sinocelltech
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Duzhe and Sinocelltech is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Sinocelltech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinocelltech 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 Sinocelltech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinocelltech Group has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Sinocelltech go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Sinocelltech
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to generate 1.3 times more return on investment than Sinocelltech. However, Duzhe Publishing is 1.3 times more volatile than Sinocelltech Group. It trades about 0.06 of its potential returns per unit of risk. Sinocelltech Group is currently generating about 0.08 per unit of risk. If you would invest 632.00 in Duzhe Publishing Media on November 23, 2024 and sell it today you would earn a total of 28.00 from holding Duzhe Publishing Media or generate 4.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Sinocelltech Group
Performance |
| Timeline |
| Duzhe Publishing Media |
| Sinocelltech Group |
Duzhe Publishing and Sinocelltech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Sinocelltech
The main advantage of trading using opposite Duzhe Publishing and Sinocelltech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Sinocelltech 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 Sinocelltech will offset losses from the drop in Sinocelltech's long position.| Duzhe Publishing vs. JCHX Mining Management | ||
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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