Correlation Between DouYu International and PropertyGuru
Can any of the company-specific risk be diversified away by investing in both DouYu International and PropertyGuru at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining DouYu International and PropertyGuru into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DouYu International Holdings and PropertyGuru Group, you can compare the effects of market volatilities on DouYu International and PropertyGuru 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 DouYu International with a short position of PropertyGuru. Check out your portfolio center. Please also check ongoing floating volatility patterns of DouYu International and PropertyGuru.
Diversification Opportunities for DouYu International and PropertyGuru
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DouYu and PropertyGuru is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DouYu International Holdings and PropertyGuru Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PropertyGuru Group and DouYu International 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 DouYu International Holdings are associated (or correlated) with PropertyGuru. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PropertyGuru Group has no effect on the direction of DouYu International i.e., DouYu International and PropertyGuru go up and down completely randomly.
Pair Corralation between DouYu International and PropertyGuru
If you would invest (100.00) in PropertyGuru Group on November 18, 2024 and sell it today you would earn a total of 100.00 from holding PropertyGuru Group or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
DouYu International Holdings vs. PropertyGuru Group
Performance |
Timeline |
DouYu International |
PropertyGuru Group |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
DouYu International and PropertyGuru Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with DouYu International and PropertyGuru
The main advantage of trading using opposite DouYu International and PropertyGuru positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DouYu International position performs unexpectedly, PropertyGuru 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 PropertyGuru will offset losses from the drop in PropertyGuru's long position.DouYu International vs. YY Inc Class | DouYu International vs. Weibo Corp | DouYu International vs. Tencent Music Entertainment | DouYu International vs. Autohome |
PropertyGuru vs. Comscore | PropertyGuru vs. Cheetah Mobile | PropertyGuru vs. EverQuote Class A | PropertyGuru vs. DouYu International Holdings |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Transaction History View history of all your transactions and understand their impact on performance | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |