Correlation Between Heilongjiang Publishing and Shanghai Suochen
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By analyzing existing cross correlation between Heilongjiang Publishing Media and Shanghai Suochen Information, you can compare the effects of market volatilities on Heilongjiang Publishing and Shanghai Suochen 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 Shanghai Suochen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Publishing and Shanghai Suochen.
Diversification Opportunities for Heilongjiang Publishing and Shanghai Suochen
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Heilongjiang and Shanghai is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Publishing Media and Shanghai Suochen Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Suochen Inf 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 Shanghai Suochen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Suochen Inf has no effect on the direction of Heilongjiang Publishing i.e., Heilongjiang Publishing and Shanghai Suochen go up and down completely randomly.
Pair Corralation between Heilongjiang Publishing and Shanghai Suochen
Assuming the 90 days trading horizon Heilongjiang Publishing Media is expected to under-perform the Shanghai Suochen. But the stock apears to be less risky and, when comparing its historical volatility, Heilongjiang Publishing Media is 1.14 times less risky than Shanghai Suochen. The stock trades about -0.42 of its potential returns per unit of risk. The Shanghai Suochen Information is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 6,490 in Shanghai Suochen Information on October 17, 2024 and sell it today you would lose (450.00) from holding Shanghai Suochen Information or give up 6.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Publishing Media vs. Shanghai Suochen Information
Performance |
| Timeline |
| Heilongjiang Publishing |
| Shanghai Suochen Inf |
Heilongjiang Publishing and Shanghai Suochen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Publishing and Shanghai Suochen
The main advantage of trading using opposite Heilongjiang Publishing and Shanghai Suochen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Publishing position performs unexpectedly, Shanghai Suochen 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 Shanghai Suochen will offset losses from the drop in Shanghai Suochen's long position.| Heilongjiang Publishing vs. Jonjee Hi tech Industrial | Heilongjiang Publishing vs. Zhengzhou Coal Mining | Heilongjiang Publishing vs. Great Sun Foods Co | Heilongjiang Publishing vs. Guangdong Jingyi Metal |
| Shanghai Suochen vs. Time Publishing and | Shanghai Suochen vs. Beijing Kaiwen Education | Shanghai Suochen vs. Duzhe Publishing Media | Shanghai Suochen vs. Heilongjiang Publishing Media |
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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