Correlation Between China Tontine and CONSUMERS
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By analyzing existing cross correlation between China Tontine Wines and CONSUMERS ENERGY 325, you can compare the effects of market volatilities on China Tontine and CONSUMERS 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 China Tontine with a short position of CONSUMERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Tontine and CONSUMERS.
Diversification Opportunities for China Tontine and CONSUMERS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and CONSUMERS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Tontine Wines and CONSUMERS ENERGY 325 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSUMERS ENERGY 325 and China Tontine 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 China Tontine Wines are associated (or correlated) with CONSUMERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSUMERS ENERGY 325 has no effect on the direction of China Tontine i.e., China Tontine and CONSUMERS go up and down completely randomly.
Pair Corralation between China Tontine and CONSUMERS
If you would invest 7,211 in CONSUMERS ENERGY 325 on September 12, 2024 and sell it today you would earn a total of 283.00 from holding CONSUMERS ENERGY 325 or generate 3.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
China Tontine Wines vs. CONSUMERS ENERGY 325
Performance |
| Timeline |
| China Tontine Wines |
| CONSUMERS ENERGY 325 |
China Tontine and CONSUMERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Tontine and CONSUMERS
The main advantage of trading using opposite China Tontine and CONSUMERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Tontine position performs unexpectedly, CONSUMERS 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 CONSUMERS will offset losses from the drop in CONSUMERS's long position.| China Tontine vs. Andrew Peller Limited | China Tontine vs. Aristocrat Group Corp | China Tontine vs. Iconic Brands | China Tontine vs. Naked Wines plc |
| CONSUMERS vs. Sonida Senior Living | CONSUMERS vs. Valneva SE ADR | CONSUMERS vs. SunLink Health Systems | CONSUMERS vs. NetEase |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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