Correlation Between Goodwill E and Chongqing Sulian
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By analyzing existing cross correlation between Goodwill E Health and Chongqing Sulian Plastic, you can compare the effects of market volatilities on Goodwill E and Chongqing Sulian 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 Goodwill E with a short position of Chongqing Sulian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodwill E and Chongqing Sulian.
Diversification Opportunities for Goodwill E and Chongqing Sulian
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Goodwill and Chongqing is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Goodwill E Health and Chongqing Sulian Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Sulian Plastic and Goodwill E 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 Goodwill E Health are associated (or correlated) with Chongqing Sulian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Sulian Plastic has no effect on the direction of Goodwill E i.e., Goodwill E and Chongqing Sulian go up and down completely randomly.
Pair Corralation between Goodwill E and Chongqing Sulian
Assuming the 90 days trading horizon Goodwill E Health is expected to generate 1.08 times more return on investment than Chongqing Sulian. However, Goodwill E is 1.08 times more volatile than Chongqing Sulian Plastic. It trades about 0.04 of its potential returns per unit of risk. Chongqing Sulian Plastic is currently generating about 0.05 per unit of risk. If you would invest 2,066 in Goodwill E Health on October 30, 2024 and sell it today you would earn a total of 327.00 from holding Goodwill E Health or generate 15.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodwill E Health vs. Chongqing Sulian Plastic
Performance |
| Timeline |
| Goodwill E Health |
| Chongqing Sulian Plastic |
Goodwill E and Chongqing Sulian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodwill E and Chongqing Sulian
The main advantage of trading using opposite Goodwill E and Chongqing Sulian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodwill E position performs unexpectedly, Chongqing Sulian 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 Chongqing Sulian will offset losses from the drop in Chongqing Sulian's long position.| Goodwill E vs. Bank of China | Goodwill E vs. Kweichow Moutai Co | Goodwill E vs. PetroChina Co Ltd | Goodwill E vs. Bank of Communications |
| Chongqing Sulian vs. Kweichow Moutai Co | Chongqing Sulian vs. Jiangsu Pacific Quartz | Chongqing Sulian vs. Shenzhen Transsion Holdings | Chongqing Sulian vs. Beijing Roborock Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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