Correlation Between Dook Media and Anhui Huilong
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By analyzing existing cross correlation between Dook Media Group and Anhui Huilong Agricultural, you can compare the effects of market volatilities on Dook Media and Anhui Huilong 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 Dook Media with a short position of Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dook Media and Anhui Huilong.
Diversification Opportunities for Dook Media and Anhui Huilong
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dook and Anhui is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Dook Media Group and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu and Dook Media 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 Dook Media Group are associated (or correlated) with Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of Dook Media i.e., Dook Media and Anhui Huilong go up and down completely randomly.
Pair Corralation between Dook Media and Anhui Huilong
Assuming the 90 days trading horizon Dook Media Group is expected to under-perform the Anhui Huilong. In addition to that, Dook Media is 1.06 times more volatile than Anhui Huilong Agricultural. It trades about -0.09 of its total potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about 0.0 per unit of volatility. If you would invest 548.00 in Anhui Huilong Agricultural on October 26, 2024 and sell it today you would lose (12.00) from holding Anhui Huilong Agricultural or give up 2.19% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Dook Media Group vs. Anhui Huilong Agricultural
Performance |
Timeline |
Dook Media Group |
Anhui Huilong Agricu |
Dook Media and Anhui Huilong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Dook Media and Anhui Huilong
The main advantage of trading using opposite Dook Media and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dook Media position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.Dook Media vs. Bus Online Co | ||
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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