Correlation Between Maanshan Iron and 26439XAH6
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By analyzing existing cross correlation between Maanshan Iron Steel and Duke Energy Field, you can compare the effects of market volatilities on Maanshan Iron and 26439XAH6 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 Maanshan Iron with a short position of 26439XAH6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maanshan Iron and 26439XAH6.
Diversification Opportunities for Maanshan Iron and 26439XAH6
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Maanshan and 26439XAH6 is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Maanshan Iron Steel and Duke Energy Field in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duke Energy Field and Maanshan Iron 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 Maanshan Iron Steel are associated (or correlated) with 26439XAH6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duke Energy Field has no effect on the direction of Maanshan Iron i.e., Maanshan Iron and 26439XAH6 go up and down completely randomly.
Pair Corralation between Maanshan Iron and 26439XAH6
Assuming the 90 days horizon Maanshan Iron Steel is expected to generate 5.42 times more return on investment than 26439XAH6. However, Maanshan Iron is 5.42 times more volatile than Duke Energy Field. It trades about 0.12 of its potential returns per unit of risk. Duke Energy Field is currently generating about 0.11 per unit of risk. If you would invest 15.00 in Maanshan Iron Steel on September 13, 2024 and sell it today you would earn a total of 3.00 from holding Maanshan Iron Steel or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 57.14% |
| Values | Daily Returns |
Maanshan Iron Steel vs. Duke Energy Field
Performance |
| Timeline |
| Maanshan Iron Steel |
| Duke Energy Field |
Maanshan Iron and 26439XAH6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maanshan Iron and 26439XAH6
The main advantage of trading using opposite Maanshan Iron and 26439XAH6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maanshan Iron position performs unexpectedly, 26439XAH6 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 26439XAH6 will offset losses from the drop in 26439XAH6's long position.| Maanshan Iron vs. ArcelorMittal SA ADR | Maanshan Iron vs. Gerdau SA ADR | Maanshan Iron vs. POSCO Holdings | Maanshan Iron vs. HUMANA INC |
| 26439XAH6 vs. Allegiant Travel | 26439XAH6 vs. National CineMedia | 26439XAH6 vs. Magnite | 26439XAH6 vs. Organic Sales and |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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