Correlation Between CareRay Digital and Changjiang Publishing
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By analyzing existing cross correlation between CareRay Digital Medical and Changjiang Publishing Media, you can compare the effects of market volatilities on CareRay Digital and Changjiang 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 CareRay Digital with a short position of Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Changjiang Publishing.
Diversification Opportunities for CareRay Digital and Changjiang Publishing
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between CareRay and Changjiang is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of CareRay Digital i.e., CareRay Digital and Changjiang Publishing go up and down completely randomly.
Pair Corralation between CareRay Digital and Changjiang Publishing
Assuming the 90 days trading horizon CareRay Digital Medical is expected to under-perform the Changjiang Publishing. In addition to that, CareRay Digital is 1.21 times more volatile than Changjiang Publishing Media. It trades about -0.02 of its total potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.05 per unit of volatility. If you would invest 562.00 in Changjiang Publishing Media on October 16, 2024 and sell it today you would earn a total of 310.00 from holding Changjiang Publishing Media or generate 55.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Changjiang Publishing Media
Performance |
| Timeline |
| CareRay Digital Medical |
| Changjiang Publishing |
CareRay Digital and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Changjiang Publishing
The main advantage of trading using opposite CareRay Digital and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Changjiang 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| CareRay Digital vs. Tibet Huayu Mining | CareRay Digital vs. China Minmetals Rare | CareRay Digital vs. Ye Chiu Metal | CareRay Digital vs. Pengxin International Mining |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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