Correlation Between Eastroc Beverage and Zhejiang Qianjiang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eastroc Beverage Group and Zhejiang Qianjiang Motorcycle, you can compare the effects of market volatilities on Eastroc Beverage and Zhejiang Qianjiang 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 Eastroc Beverage with a short position of Zhejiang Qianjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Zhejiang Qianjiang.
Diversification Opportunities for Eastroc Beverage and Zhejiang Qianjiang
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Eastroc and Zhejiang is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Zhejiang Qianjiang Motorcycle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Qianjiang and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Zhejiang Qianjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Qianjiang has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Zhejiang Qianjiang go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Zhejiang Qianjiang
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to under-perform the Zhejiang Qianjiang. But the stock apears to be less risky and, when comparing its historical volatility, Eastroc Beverage Group is 1.19 times less risky than Zhejiang Qianjiang. The stock trades about -0.01 of its potential returns per unit of risk. The Zhejiang Qianjiang Motorcycle is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,843 in Zhejiang Qianjiang Motorcycle on October 28, 2024 and sell it today you would earn a total of 131.00 from holding Zhejiang Qianjiang Motorcycle or generate 7.11% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Eastroc Beverage Group vs. Zhejiang Qianjiang Motorcycle
Performance |
Timeline |
Eastroc Beverage |
Zhejiang Qianjiang |
Eastroc Beverage and Zhejiang Qianjiang Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastroc Beverage and Zhejiang Qianjiang
The main advantage of trading using opposite Eastroc Beverage and Zhejiang Qianjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Zhejiang Qianjiang 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 Zhejiang Qianjiang will offset losses from the drop in Zhejiang Qianjiang's long position.Eastroc Beverage vs. Agricultural Bank of | Eastroc Beverage vs. Industrial and Commercial | Eastroc Beverage vs. Bank of China | Eastroc Beverage vs. China Construction Bank |
Zhejiang Qianjiang vs. Zhongrun Resources Investment | Zhejiang Qianjiang vs. China Asset Management | Zhejiang Qianjiang vs. Shenyang Blue Silver | Zhejiang Qianjiang vs. Hubei Geoway Investment |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
Share Portfolio Track or share privately all of your investments from the convenience of any device | |
Stocks Directory Find actively traded stocks across global markets |