Correlation Between Xiangyu Medical and China Publishing
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By analyzing existing cross correlation between Xiangyu Medical Co and China Publishing Media, you can compare the effects of market volatilities on Xiangyu Medical and China 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 Xiangyu Medical with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and China Publishing.
Diversification Opportunities for Xiangyu Medical and China Publishing
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyu and China is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and Xiangyu Medical 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 Xiangyu Medical Co are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and China Publishing go up and down completely randomly.
Pair Corralation between Xiangyu Medical and China Publishing
Assuming the 90 days trading horizon Xiangyu Medical is expected to generate 7.33 times less return on investment than China Publishing. But when comparing it to its historical volatility, Xiangyu Medical Co is 1.12 times less risky than China Publishing. It trades about 0.01 of its potential returns per unit of risk. China Publishing Media is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 494.00 in China Publishing Media on October 16, 2024 and sell it today you would earn a total of 161.00 from holding China Publishing Media or generate 32.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. China Publishing Media
Performance |
| Timeline |
| Xiangyu Medical |
| China Publishing Media |
Xiangyu Medical and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and China Publishing
The main advantage of trading using opposite Xiangyu Medical and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, China 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 China Publishing will offset losses from the drop in China Publishing's long position.| Xiangyu Medical vs. Telling Telecommunication Holding | Xiangyu Medical vs. Dhc Software Co | Xiangyu Medical vs. Montage Technology Co | Xiangyu Medical vs. Beijing Bewinner Communications |
| China Publishing vs. Xiangyu Medical Co | China Publishing vs. Holitech Technology Co | China Publishing vs. Chongqing Brewery Co | China Publishing vs. Sinofibers Technology Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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