Correlation Between Shuhua Sports and Duzhe Publishing
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By analyzing existing cross correlation between Shuhua Sports Co and Duzhe Publishing Media, you can compare the effects of market volatilities on Shuhua Sports and Duzhe Publishing 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 Shuhua Sports with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shuhua Sports and Duzhe Publishing.
Diversification Opportunities for Shuhua Sports and Duzhe Publishing
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shuhua and Duzhe is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Shuhua Sports Co and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media and Shuhua Sports 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 Shuhua Sports Co are associated (or correlated) with Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Shuhua Sports i.e., Shuhua Sports and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Shuhua Sports and Duzhe Publishing
Assuming the 90 days trading horizon Shuhua Sports Co is expected to under-perform the Duzhe Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Shuhua Sports Co is 1.15 times less risky than Duzhe Publishing. The stock trades about -0.01 of its potential returns per unit of risk. The Duzhe Publishing Media is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 732.00 in Duzhe Publishing Media on September 4, 2024 and sell it today you would lose (96.00) from holding Duzhe Publishing Media or give up 13.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shuhua Sports Co vs. Duzhe Publishing Media
Performance |
| Timeline |
| Shuhua Sports |
| Duzhe Publishing Media |
Shuhua Sports and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shuhua Sports and Duzhe Publishing
The main advantage of trading using opposite Shuhua Sports and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shuhua Sports position performs unexpectedly, Duzhe Publishing 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.| Shuhua Sports vs. BeiGene | Shuhua Sports vs. Kweichow Moutai Co | Shuhua Sports vs. Beijing Roborock Technology | Shuhua Sports vs. G bits Network Technology |
| Duzhe Publishing vs. China Railway Materials | Duzhe Publishing vs. Hangzhou Gaoxin Rubber | Duzhe Publishing vs. Guangzhou Seagull Kitchen | Duzhe Publishing vs. Marssenger Kitchenware Co |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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