Correlation Between INTNED and Zhihu
Specify exactly 2 symbols:
By analyzing existing cross correlation between INTNED 547761 01 APR 27 and Zhihu Inc ADR, you can compare the effects of market volatilities on INTNED and Zhihu 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 INTNED with a short position of Zhihu. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTNED and Zhihu.
Diversification Opportunities for INTNED and Zhihu
Average diversification
The 3 months correlation between INTNED and Zhihu is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding INTNED 547761 01 APR 27 and Zhihu Inc ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhihu Inc ADR and INTNED 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 INTNED 547761 01 APR 27 are associated (or correlated) with Zhihu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhihu Inc ADR has no effect on the direction of INTNED i.e., INTNED and Zhihu go up and down completely randomly.
Pair Corralation between INTNED and Zhihu
Assuming the 90 days trading horizon INTNED 547761 01 APR 27 is expected to generate 0.05 times more return on investment than Zhihu. However, INTNED 547761 01 APR 27 is 22.05 times less risky than Zhihu. It trades about -0.22 of its potential returns per unit of risk. Zhihu Inc ADR is currently generating about -0.01 per unit of risk. If you would invest 10,038 in INTNED 547761 01 APR 27 on November 3, 2024 and sell it today you would lose (23.00) from holding INTNED 547761 01 APR 27 or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 55.0% |
| Values | Daily Returns |
INTNED 547761 01 APR 27 vs. Zhihu Inc ADR
Performance |
| Timeline |
| INTNED 547761 01 |
| Zhihu Inc ADR |
INTNED and Zhihu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTNED and Zhihu
The main advantage of trading using opposite INTNED and Zhihu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTNED position performs unexpectedly, Zhihu 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 Zhihu will offset losses from the drop in Zhihu's long position.| INTNED vs. Black Hills | INTNED vs. First Ship Lease | INTNED vs. Air Lease | INTNED vs. Willis Lease Finance |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |