Correlation Between Touchstone International and Duzhe Publishing
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By analyzing existing cross correlation between Touchstone International Medical and Duzhe Publishing Media, you can compare the effects of market volatilities on Touchstone International 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 Touchstone International with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone International and Duzhe Publishing.
Diversification Opportunities for Touchstone International and Duzhe Publishing
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Touchstone and Duzhe is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone International Medic 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 Touchstone International 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 Touchstone International Medical 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 Touchstone International i.e., Touchstone International and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Touchstone International and Duzhe Publishing
Assuming the 90 days trading horizon Touchstone International Medical is expected to generate 0.53 times more return on investment than Duzhe Publishing. However, Touchstone International Medical is 1.9 times less risky than Duzhe Publishing. It trades about 0.01 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about 0.0 per unit of risk. If you would invest 1,892 in Touchstone International Medical on October 30, 2024 and sell it today you would lose (3.00) from holding Touchstone International Medical or give up 0.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Touchstone International Medic vs. Duzhe Publishing Media
Performance |
| Timeline |
| Touchstone International |
| Duzhe Publishing Media |
Touchstone International and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone International and Duzhe Publishing
The main advantage of trading using opposite Touchstone International and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone International 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.| Touchstone International vs. DO Home Collection | Touchstone International vs. UE Furniture Co | Touchstone International vs. Jinhe Biotechnology Co | Touchstone International vs. AUPU Home Style |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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