Correlation Between Beijing Tongyizhong and UE Furniture
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By analyzing existing cross correlation between Beijing Tongyizhong New and UE Furniture Co, you can compare the effects of market volatilities on Beijing Tongyizhong and UE Furniture 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 Beijing Tongyizhong with a short position of UE Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Tongyizhong and UE Furniture.
Diversification Opportunities for Beijing Tongyizhong and UE Furniture
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beijing and 603600 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Tongyizhong New and UE Furniture Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UE Furniture and Beijing Tongyizhong 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 Beijing Tongyizhong New are associated (or correlated) with UE Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UE Furniture has no effect on the direction of Beijing Tongyizhong i.e., Beijing Tongyizhong and UE Furniture go up and down completely randomly.
Pair Corralation between Beijing Tongyizhong and UE Furniture
If you would invest 1,148 in UE Furniture Co on October 24, 2024 and sell it today you would earn a total of 113.00 from holding UE Furniture Co or generate 9.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Beijing Tongyizhong New vs. UE Furniture Co
Performance |
| Timeline |
| Beijing Tongyizhong New |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| UE Furniture |
Beijing Tongyizhong and UE Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Tongyizhong and UE Furniture
The main advantage of trading using opposite Beijing Tongyizhong and UE Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Tongyizhong position performs unexpectedly, UE Furniture 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 UE Furniture will offset losses from the drop in UE Furniture's long position.| Beijing Tongyizhong vs. Highbroad Advanced Material | Beijing Tongyizhong vs. Tianjin Silvery Dragon | Beijing Tongyizhong vs. Zijin Mining Group | Beijing Tongyizhong vs. Chenzhou Jingui Silver |
| UE Furniture vs. Unisplendour Corp | UE Furniture vs. State Grid InformationCommunication | UE Furniture vs. China Everbright Bank | UE Furniture vs. Guangxi Wuzhou Communications |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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