Correlation Between Heilongjiang Publishing and Dymatic Chemicals
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By analyzing existing cross correlation between Heilongjiang Publishing Media and Dymatic Chemicals, you can compare the effects of market volatilities on Heilongjiang Publishing and Dymatic Chemicals 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 Heilongjiang Publishing with a short position of Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Publishing and Dymatic Chemicals.
Diversification Opportunities for Heilongjiang Publishing and Dymatic Chemicals
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Heilongjiang and Dymatic is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Publishing Media and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals and Heilongjiang 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 Heilongjiang Publishing Media are associated (or correlated) with Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Heilongjiang Publishing i.e., Heilongjiang Publishing and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Heilongjiang Publishing and Dymatic Chemicals
Assuming the 90 days trading horizon Heilongjiang Publishing Media is expected to generate 1.04 times more return on investment than Dymatic Chemicals. However, Heilongjiang Publishing is 1.04 times more volatile than Dymatic Chemicals. It trades about -0.13 of its potential returns per unit of risk. Dymatic Chemicals is currently generating about -0.22 per unit of risk. If you would invest 1,689 in Heilongjiang Publishing Media on September 28, 2024 and sell it today you would lose (167.00) from holding Heilongjiang Publishing Media or give up 9.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Publishing Media vs. Dymatic Chemicals
Performance |
| Timeline |
| Heilongjiang Publishing |
| Dymatic Chemicals |
Heilongjiang Publishing and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Publishing and Dymatic Chemicals
The main advantage of trading using opposite Heilongjiang Publishing and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Publishing position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Heilongjiang Publishing vs. Ningbo Bohui Chemical | Heilongjiang Publishing vs. Lotus Health Group | Heilongjiang Publishing vs. Meinian Onehealth Healthcare | Heilongjiang Publishing vs. Jilin Chemical Fibre |
| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Shandong Gold Mining |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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