Correlation Between GreenTech Environmental and Duzhe Publishing
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By analyzing existing cross correlation between GreenTech Environmental Co and Duzhe Publishing Media, you can compare the effects of market volatilities on GreenTech Environmental and Duzhe 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 GreenTech Environmental with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of GreenTech Environmental and Duzhe Publishing.
Diversification Opportunities for GreenTech Environmental and Duzhe Publishing
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GreenTech and Duzhe is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding GreenTech Environmental Co and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media and GreenTech Environmental 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 GreenTech Environmental Co are associated (or correlated) with Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of GreenTech Environmental i.e., GreenTech Environmental and Duzhe Publishing go up and down completely randomly.
Pair Corralation between GreenTech Environmental and Duzhe Publishing
Assuming the 90 days trading horizon GreenTech Environmental Co is expected to under-perform the Duzhe Publishing. But the stock apears to be less risky and, when comparing its historical volatility, GreenTech Environmental Co is 1.1 times less risky than Duzhe Publishing. The stock trades about 0.0 of its potential returns per unit of risk. The Duzhe Publishing Media is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 626.00 in Duzhe Publishing Media on October 13, 2024 and sell it today you would lose (78.00) from holding Duzhe Publishing Media or give up 12.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GreenTech Environmental Co vs. Duzhe Publishing Media
Performance |
| Timeline |
| GreenTech Environmental |
| Duzhe Publishing Media |
GreenTech Environmental and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GreenTech Environmental and Duzhe Publishing
The main advantage of trading using opposite GreenTech Environmental and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GreenTech Environmental position performs unexpectedly, Duzhe 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.| GreenTech Environmental vs. Dezhan HealthCare Co | GreenTech Environmental vs. Goodwill E Health | GreenTech Environmental vs. Shanghai Rongtai Health | GreenTech Environmental vs. China Sports Industry |
| Duzhe Publishing vs. GreenTech Environmental Co | Duzhe Publishing vs. Dynagreen Environmental Protection | Duzhe Publishing vs. Fujian Nanwang Environment | Duzhe Publishing vs. Shaanxi Broadcast TV |
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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