Correlation Between Zhongyin Babi and Ziel Home
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By analyzing existing cross correlation between Zhongyin Babi Food and Ziel Home Furnishing, you can compare the effects of market volatilities on Zhongyin Babi and Ziel Home 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 Zhongyin Babi with a short position of Ziel Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongyin Babi and Ziel Home.
Diversification Opportunities for Zhongyin Babi and Ziel Home
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhongyin and Ziel is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Zhongyin Babi Food and Ziel Home Furnishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ziel Home Furnishing and Zhongyin Babi 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 Zhongyin Babi Food are associated (or correlated) with Ziel Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ziel Home Furnishing has no effect on the direction of Zhongyin Babi i.e., Zhongyin Babi and Ziel Home go up and down completely randomly.
Pair Corralation between Zhongyin Babi and Ziel Home
Assuming the 90 days trading horizon Zhongyin Babi Food is expected to under-perform the Ziel Home. In addition to that, Zhongyin Babi is 1.12 times more volatile than Ziel Home Furnishing. It trades about -0.47 of its total potential returns per unit of risk. Ziel Home Furnishing is currently generating about -0.28 per unit of volatility. If you would invest 2,126 in Ziel Home Furnishing on October 15, 2024 and sell it today you would lose (247.00) from holding Ziel Home Furnishing or give up 11.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhongyin Babi Food vs. Ziel Home Furnishing
Performance |
| Timeline |
| Zhongyin Babi Food |
| Ziel Home Furnishing |
Zhongyin Babi and Ziel Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhongyin Babi and Ziel Home
The main advantage of trading using opposite Zhongyin Babi and Ziel Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongyin Babi position performs unexpectedly, Ziel Home 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 Ziel Home will offset losses from the drop in Ziel Home's long position.| Zhongyin Babi vs. China World Trade | Zhongyin Babi vs. Yingde Greatchem Chemicals | Zhongyin Babi vs. Do Fluoride Chemicals Co | Zhongyin Babi vs. Huatian Hotel Group |
| Ziel Home vs. TongFu Microelectronics Co | Ziel Home vs. Jiangyin Jianghua Microelectronics | Ziel Home vs. Ningbo Kangqiang Electronics | Ziel Home vs. Yindu Kitchen Equipment |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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