Correlation Between Shenzhen Fortune and Southern PublishingMedia
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By analyzing existing cross correlation between Shenzhen Fortune Trend and Southern PublishingMedia Co, you can compare the effects of market volatilities on Shenzhen Fortune and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Fortune and Southern PublishingMedia.
Diversification Opportunities for Shenzhen Fortune and Southern PublishingMedia
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Southern is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Fortune Trend and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Shenzhen Fortune i.e., Shenzhen Fortune and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Shenzhen Fortune and Southern PublishingMedia
Assuming the 90 days trading horizon Shenzhen Fortune Trend is expected to generate 1.53 times more return on investment than Southern PublishingMedia. However, Shenzhen Fortune is 1.53 times more volatile than Southern PublishingMedia Co. It trades about 0.05 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.01 per unit of risk. If you would invest 14,075 in Shenzhen Fortune Trend on September 3, 2024 and sell it today you would earn a total of 3,935 from holding Shenzhen Fortune Trend or generate 27.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Fortune Trend vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Shenzhen Fortune Trend |
| Southern PublishingMedia |
Shenzhen Fortune and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Fortune and Southern PublishingMedia
The main advantage of trading using opposite Shenzhen Fortune and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Fortune position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Shenzhen Fortune vs. Allmed Medical Products | Shenzhen Fortune vs. Allgens Medical Technology | Shenzhen Fortune vs. Chengdu Xingrong Investment | Shenzhen Fortune vs. Luyin Investment Group |
| Southern PublishingMedia vs. Gansu Jiu Steel | Southern PublishingMedia vs. Ming Yang Smart | Southern PublishingMedia vs. Aba Chemicals Corp | Southern PublishingMedia vs. Loctek Ergonomic 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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