Correlation Between CareRay Digital and Duzhe Publishing
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By analyzing existing cross correlation between CareRay Digital Medical and Duzhe Publishing Media, you can compare the effects of market volatilities on CareRay Digital 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 CareRay Digital with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Duzhe Publishing.
Diversification Opportunities for CareRay Digital and Duzhe Publishing
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CareRay and Duzhe is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical 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 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 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 CareRay Digital i.e., CareRay Digital and Duzhe Publishing go up and down completely randomly.
Pair Corralation between CareRay Digital and Duzhe Publishing
Assuming the 90 days trading horizon CareRay Digital Medical is expected to generate 0.91 times more return on investment than Duzhe Publishing. However, CareRay Digital Medical is 1.1 times less risky than Duzhe Publishing. It trades about 0.01 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about -0.09 per unit of risk. If you would invest 1,405 in CareRay Digital Medical on October 23, 2024 and sell it today you would earn a total of 1.00 from holding CareRay Digital Medical or generate 0.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Duzhe Publishing Media
Performance |
| Timeline |
| CareRay Digital Medical |
| Duzhe Publishing Media |
CareRay Digital and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Duzhe Publishing
The main advantage of trading using opposite CareRay Digital and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital 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.| CareRay Digital vs. Jinxiandai Information Industry | CareRay Digital vs. XinJiang GuoTong Pipeline | CareRay Digital vs. Huasi Agricultural Development | CareRay Digital vs. Shandong Longquan Pipeline |
| Duzhe Publishing vs. CareRay Digital Medical | Duzhe Publishing vs. Guangzhou Seagull Kitchen | Duzhe Publishing vs. Shanghai Sanyou Medical | Duzhe Publishing vs. Kunwu Jiuding Investment |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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