Correlation Between Shanghai Baosight and Dow Jones
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By analyzing existing cross correlation between Shanghai Baosight Software and Dow Jones Industrial, you can compare the effects of market volatilities on Shanghai Baosight and Dow Jones 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 Shanghai Baosight with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Baosight and Dow Jones.
Diversification Opportunities for Shanghai Baosight and Dow Jones
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shanghai and Dow is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Baosight Software and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Shanghai Baosight 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 Shanghai Baosight Software are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Shanghai Baosight i.e., Shanghai Baosight and Dow Jones go up and down completely randomly.
Pair Corralation between Shanghai Baosight and Dow Jones
If you would invest 4,156,308 in Dow Jones Industrial on August 30, 2024 and sell it today you would earn a total of 315,898 from holding Dow Jones Industrial or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.56% |
| Values | Daily Returns |
Shanghai Baosight Software vs. Dow Jones Industrial
Performance |
| Timeline |
Shanghai Baosight and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Shanghai Baosight Software
Pair trading matchups for Shanghai Baosight
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Shanghai Baosight and Dow Jones
The main advantage of trading using opposite Shanghai Baosight and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Baosight position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Shanghai Baosight vs. Bus Online Co | Shanghai Baosight vs. Leaguer Shenzhen MicroElectronics | Shanghai Baosight vs. Semiconductor Manufacturing Electronics | Shanghai Baosight vs. Jiangsu GDK Biotechnology |
| Dow Jones vs. Aerofoam Metals | Dow Jones vs. ACG Metals Limited | Dow Jones vs. China Clean Energy | Dow Jones vs. Fast Retailing 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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