Correlation Between Shanghai Action and Camel Group
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shanghai Action Education and Camel Group Co, you can compare the effects of market volatilities on Shanghai Action and Camel Group 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 Shanghai Action with a short position of Camel Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Action and Camel Group.
Diversification Opportunities for Shanghai Action and Camel Group
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shanghai and Camel is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Action Education and Camel Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camel Group and Shanghai Action 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 Shanghai Action Education are associated (or correlated) with Camel Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camel Group has no effect on the direction of Shanghai Action i.e., Shanghai Action and Camel Group go up and down completely randomly.
Pair Corralation between Shanghai Action and Camel Group
Assuming the 90 days trading horizon Shanghai Action is expected to generate 5.11 times less return on investment than Camel Group. In addition to that, Shanghai Action is 1.46 times more volatile than Camel Group Co. It trades about 0.0 of its total potential returns per unit of risk. Camel Group Co is currently generating about 0.03 per unit of volatility. If you would invest 797.00 in Camel Group Co on September 2, 2024 and sell it today you would earn a total of 72.00 from holding Camel Group Co or generate 9.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Action Education vs. Camel Group Co
Performance |
| Timeline |
| Shanghai Action Education |
| Camel Group |
Shanghai Action and Camel Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Action and Camel Group
The main advantage of trading using opposite Shanghai Action and Camel Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Action position performs unexpectedly, Camel Group 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 Camel Group will offset losses from the drop in Camel Group's long position.| Shanghai Action vs. China State Construction | Shanghai Action vs. China Merchants Shekou | Shanghai Action vs. Huafa Industrial Co | Shanghai Action vs. China International Capital |
| Camel Group vs. Time Publishing and | Camel Group vs. Shandong Publishing Media | Camel Group vs. Qtone Education Group | Camel Group vs. Shanghai Action Education |
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.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |