Correlation Between Zhihu and 63633DAF1
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By analyzing existing cross correlation between Zhihu Inc ADR and NHI 3 01 FEB 31, you can compare the effects of market volatilities on Zhihu and 63633DAF1 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 Zhihu with a short position of 63633DAF1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhihu and 63633DAF1.
Diversification Opportunities for Zhihu and 63633DAF1
Good diversification
The 3 months correlation between Zhihu and 63633DAF1 is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Zhihu Inc ADR and NHI 3 01 FEB 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 63633DAF1 and Zhihu 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 Zhihu Inc ADR are associated (or correlated) with 63633DAF1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 63633DAF1 has no effect on the direction of Zhihu i.e., Zhihu and 63633DAF1 go up and down completely randomly.
Pair Corralation between Zhihu and 63633DAF1
Allowing for the 90-day total investment horizon Zhihu Inc ADR is expected to generate 2.52 times more return on investment than 63633DAF1. However, Zhihu is 2.52 times more volatile than NHI 3 01 FEB 31. It trades about 0.03 of its potential returns per unit of risk. NHI 3 01 FEB 31 is currently generating about -0.15 per unit of risk. If you would invest 357.00 in Zhihu Inc ADR on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Zhihu Inc ADR or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Zhihu Inc ADR vs. NHI 3 01 FEB 31
Performance |
| Timeline |
| Zhihu Inc ADR |
| 63633DAF1 |
Zhihu and 63633DAF1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhihu and 63633DAF1
The main advantage of trading using opposite Zhihu and 63633DAF1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhihu position performs unexpectedly, 63633DAF1 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 63633DAF1 will offset losses from the drop in 63633DAF1's long position.| Zhihu vs. Tencent Music Entertainment | Zhihu vs. Weibo Corp | Zhihu vs. DouYu International Holdings | Zhihu vs. Baidu Inc |
| 63633DAF1 vs. Nexstar Broadcasting Group | 63633DAF1 vs. Dave Busters Entertainment | 63633DAF1 vs. Zedge Inc | 63633DAF1 vs. Zhihu Inc ADR |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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