Correlation Between Shenzhen Fortune and Hunan Mendale
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By analyzing existing cross correlation between Shenzhen Fortune Trend and Hunan Mendale Hometextile, you can compare the effects of market volatilities on Shenzhen Fortune and Hunan Mendale 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 Shenzhen Fortune with a short position of Hunan Mendale. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Fortune and Hunan Mendale.
Diversification Opportunities for Shenzhen Fortune and Hunan Mendale
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shenzhen and Hunan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Fortune Trend and Hunan Mendale Hometextile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Mendale Hometextile and Shenzhen Fortune 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 Shenzhen Fortune Trend are associated (or correlated) with Hunan Mendale. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Mendale Hometextile has no effect on the direction of Shenzhen Fortune i.e., Shenzhen Fortune and Hunan Mendale go up and down completely randomly.
Pair Corralation between Shenzhen Fortune and Hunan Mendale
If you would invest 0.00 in Shenzhen Fortune Trend on September 26, 2024 and sell it today you would earn a total of 0.00 from holding Shenzhen Fortune Trend or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Shenzhen Fortune Trend vs. Hunan Mendale Hometextile
Performance |
| Timeline |
| Shenzhen Fortune Trend |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Hunan Mendale Hometextile |
Shenzhen Fortune and Hunan Mendale Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Fortune and Hunan Mendale
The main advantage of trading using opposite Shenzhen Fortune and Hunan Mendale positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Fortune position performs unexpectedly, Hunan Mendale 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 Hunan Mendale will offset losses from the drop in Hunan Mendale's long position.| Shenzhen Fortune vs. Zhejiang Yayi Metal | Shenzhen Fortune vs. Ningbo Bohui Chemical | Shenzhen Fortune vs. Minmetals Capital Co | Shenzhen Fortune vs. Pengxin International Mining |
| Hunan Mendale vs. Cambricon Technologies Corp | Hunan Mendale vs. Loongson Technology Corp | Hunan Mendale vs. Shenzhen Fortune Trend | Hunan Mendale vs. Chongqing Road Bridge |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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