Correlation Between Beijing Roborock and China Publishing
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By analyzing existing cross correlation between Beijing Roborock Technology and China Publishing Media, you can compare the effects of market volatilities on Beijing Roborock and China 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 Beijing Roborock with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and China Publishing.
Diversification Opportunities for Beijing Roborock and China Publishing
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and China is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and Beijing Roborock 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 Roborock Technology are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and China Publishing go up and down completely randomly.
Pair Corralation between Beijing Roborock and China Publishing
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 12.61 times less return on investment than China Publishing. But when comparing it to its historical volatility, Beijing Roborock Technology is 1.76 times less risky than China Publishing. It trades about 0.02 of its potential returns per unit of risk. China Publishing Media is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 735.00 in China Publishing Media on September 13, 2024 and sell it today you would earn a total of 126.00 from holding China Publishing Media or generate 17.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. China Publishing Media
Performance |
| Timeline |
| Beijing Roborock Tec |
| China Publishing Media |
Beijing Roborock and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and China Publishing
The main advantage of trading using opposite Beijing Roborock and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, China 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 China Publishing will offset losses from the drop in China Publishing's long position.| Beijing Roborock vs. Sino Platinum Metals Co | Beijing Roborock vs. Hengli Industrial Development | Beijing Roborock vs. Hang Xiao Steel | Beijing Roborock vs. Qiaoyin Environmental Tech |
| China Publishing vs. HaiXin Foods Co | China Publishing vs. Jilin Chemical Fibre | China Publishing vs. Xilong Chemical Co | China Publishing vs. Great Sun Foods Co |
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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