Correlation Between Hygon Information and Duzhe Publishing
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By analyzing existing cross correlation between Hygon Information Technology and Duzhe Publishing Media, you can compare the effects of market volatilities on Hygon Information 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 Hygon Information with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Duzhe Publishing.
Diversification Opportunities for Hygon Information and Duzhe Publishing
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hygon and Duzhe is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology 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 Hygon Information 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 Hygon Information Technology 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 Hygon Information i.e., Hygon Information and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Hygon Information and Duzhe Publishing
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.42 times more return on investment than Duzhe Publishing. However, Hygon Information is 1.42 times more volatile than Duzhe Publishing Media. It trades about 0.21 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about -0.55 per unit of risk. If you would invest 12,381 in Hygon Information Technology on October 14, 2024 and sell it today you would earn a total of 2,289 from holding Hygon Information Technology or generate 18.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Duzhe Publishing Media
Performance |
| Timeline |
| Hygon Information |
| Duzhe Publishing Media |
Hygon Information and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Duzhe Publishing
The main advantage of trading using opposite Hygon Information and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information 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.| Hygon Information vs. Epoxy Base Electronic | Hygon Information vs. YiDong Electronics Technology | Hygon Information vs. Shanghai Yaoji Playing | Hygon Information vs. ButOne Information Corp |
| Duzhe Publishing vs. Anhui Shiny Electronic | Duzhe Publishing vs. Aurora Optoelectronics Co | Duzhe Publishing vs. TongFu Microelectronics Co | Duzhe Publishing vs. Leyard Optoelectronic |
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 Managers module to screen money managers from public funds and ETFs managed around the world.
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