Correlation Between Zhuhai Comleader and Tianjin Hi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhuhai Comleader Information and Tianjin Hi Tech Development, you can compare the effects of market volatilities on Zhuhai Comleader and Tianjin Hi 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 Zhuhai Comleader with a short position of Tianjin Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhuhai Comleader and Tianjin Hi.
Diversification Opportunities for Zhuhai Comleader and Tianjin Hi
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhuhai and Tianjin is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Zhuhai Comleader Information and Tianjin Hi Tech Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Hi Tech and Zhuhai Comleader 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 Zhuhai Comleader Information are associated (or correlated) with Tianjin Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Hi Tech has no effect on the direction of Zhuhai Comleader i.e., Zhuhai Comleader and Tianjin Hi go up and down completely randomly.
Pair Corralation between Zhuhai Comleader and Tianjin Hi
Assuming the 90 days trading horizon Zhuhai Comleader Information is expected to under-perform the Tianjin Hi. But the stock apears to be less risky and, when comparing its historical volatility, Zhuhai Comleader Information is 1.12 times less risky than Tianjin Hi. The stock trades about -0.1 of its potential returns per unit of risk. The Tianjin Hi Tech Development is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 275.00 in Tianjin Hi Tech Development on November 3, 2024 and sell it today you would earn a total of 11.00 from holding Tianjin Hi Tech Development or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhuhai Comleader Information vs. Tianjin Hi Tech Development
Performance |
| Timeline |
| Zhuhai Comleader Inf |
| Tianjin Hi Tech |
Zhuhai Comleader and Tianjin Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhuhai Comleader and Tianjin Hi
The main advantage of trading using opposite Zhuhai Comleader and Tianjin Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhuhai Comleader position performs unexpectedly, Tianjin Hi 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 Tianjin Hi will offset losses from the drop in Tianjin Hi's long position.| Zhuhai Comleader vs. Industrial and Commercial | Zhuhai Comleader vs. Kweichow Moutai Co | Zhuhai Comleader vs. Agricultural Bank of | Zhuhai Comleader vs. China Mobile Limited |
| Tianjin Hi vs. Sino Platinum Metals Co | Tianjin Hi vs. Allwin Telecommunication Co | Tianjin Hi vs. Hefei Metalforming Mach | Tianjin Hi vs. Jiaozuo Wanfang Aluminum |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |