Correlation Between Beijing Kingsoft and Shenzhen Centralcon
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By analyzing existing cross correlation between Beijing Kingsoft Office and Shenzhen Centralcon Investment, you can compare the effects of market volatilities on Beijing Kingsoft and Shenzhen Centralcon 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 Beijing Kingsoft with a short position of Shenzhen Centralcon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kingsoft and Shenzhen Centralcon.
Diversification Opportunities for Beijing Kingsoft and Shenzhen Centralcon
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Shenzhen is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kingsoft Office and Shenzhen Centralcon Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Centralcon and Beijing Kingsoft 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 Beijing Kingsoft Office are associated (or correlated) with Shenzhen Centralcon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Centralcon has no effect on the direction of Beijing Kingsoft i.e., Beijing Kingsoft and Shenzhen Centralcon go up and down completely randomly.
Pair Corralation between Beijing Kingsoft and Shenzhen Centralcon
Assuming the 90 days trading horizon Beijing Kingsoft Office is expected to generate 0.79 times more return on investment than Shenzhen Centralcon. However, Beijing Kingsoft Office is 1.27 times less risky than Shenzhen Centralcon. It trades about -0.46 of its potential returns per unit of risk. Shenzhen Centralcon Investment is currently generating about -0.46 per unit of risk. If you would invest 33,301 in Beijing Kingsoft Office on October 12, 2024 and sell it today you would lose (7,057) from holding Beijing Kingsoft Office or give up 21.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kingsoft Office vs. Shenzhen Centralcon Investment
Performance |
| Timeline |
| Beijing Kingsoft Office |
| Shenzhen Centralcon |
Beijing Kingsoft and Shenzhen Centralcon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kingsoft and Shenzhen Centralcon
The main advantage of trading using opposite Beijing Kingsoft and Shenzhen Centralcon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kingsoft position performs unexpectedly, Shenzhen Centralcon 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 Shenzhen Centralcon will offset losses from the drop in Shenzhen Centralcon's long position.| Beijing Kingsoft vs. Eastroc Beverage Group | Beijing Kingsoft vs. Great Sun Foods Co | Beijing Kingsoft vs. Panda Dairy Corp | Beijing Kingsoft vs. JuneYao Dairy Co |
| Shenzhen Centralcon vs. Easyhome New Retail | Shenzhen Centralcon vs. Guangzhou Haozhi Industrial | Shenzhen Centralcon vs. Beijing Kingsoft Office | Shenzhen Centralcon vs. Rising Nonferrous Metals |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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