Correlation Between Shanghai Sanyou and Duzhe Publishing
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By analyzing existing cross correlation between Shanghai Sanyou Medical and Duzhe Publishing Media, you can compare the effects of market volatilities on Shanghai Sanyou 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 Shanghai Sanyou with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Sanyou and Duzhe Publishing.
Diversification Opportunities for Shanghai Sanyou and Duzhe Publishing
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shanghai and Duzhe is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Sanyou Medical 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 Shanghai Sanyou 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 Shanghai Sanyou 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 Shanghai Sanyou i.e., Shanghai Sanyou and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Shanghai Sanyou and Duzhe Publishing
Assuming the 90 days trading horizon Shanghai Sanyou Medical is expected to generate 1.1 times more return on investment than Duzhe Publishing. However, Shanghai Sanyou is 1.1 times more volatile than Duzhe Publishing Media. It trades about 0.09 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about -0.09 per unit of risk. If you would invest 1,929 in Shanghai Sanyou Medical on October 23, 2024 and sell it today you would earn a total of 87.00 from holding Shanghai Sanyou Medical or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Sanyou Medical vs. Duzhe Publishing Media
Performance |
| Timeline |
| Shanghai Sanyou Medical |
| Duzhe Publishing Media |
Shanghai Sanyou and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Sanyou and Duzhe Publishing
The main advantage of trading using opposite Shanghai Sanyou and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Sanyou 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.| Shanghai Sanyou vs. Ming Yang Smart | Shanghai Sanyou vs. 159681 | Shanghai Sanyou vs. 159005 | Shanghai Sanyou vs. Loctek Ergonomic Technology |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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