Correlation Between Zhejiang Daily and Flat Glass
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By analyzing existing cross correlation between Zhejiang Daily Media and Flat Glass Group, you can compare the effects of market volatilities on Zhejiang Daily and Flat Glass 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 Zhejiang Daily with a short position of Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Daily and Flat Glass.
Diversification Opportunities for Zhejiang Daily and Flat Glass
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhejiang and Flat is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Daily Media and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group and Zhejiang Daily 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 Zhejiang Daily Media are associated (or correlated) with Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Zhejiang Daily i.e., Zhejiang Daily and Flat Glass go up and down completely randomly.
Pair Corralation between Zhejiang Daily and Flat Glass
Assuming the 90 days trading horizon Zhejiang Daily Media is expected to generate 1.14 times more return on investment than Flat Glass. However, Zhejiang Daily is 1.14 times more volatile than Flat Glass Group. It trades about 0.03 of its potential returns per unit of risk. Flat Glass Group is currently generating about -0.02 per unit of risk. If you would invest 876.00 in Zhejiang Daily Media on September 24, 2024 and sell it today you would earn a total of 262.00 from holding Zhejiang Daily Media or generate 29.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Zhejiang Daily Media vs. Flat Glass Group
Performance |
Timeline |
Zhejiang Daily Media |
Flat Glass Group |
Zhejiang Daily and Flat Glass Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhejiang Daily and Flat Glass
The main advantage of trading using opposite Zhejiang Daily and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Daily position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.Zhejiang Daily vs. Agricultural Bank of | Zhejiang Daily vs. Industrial and Commercial | Zhejiang Daily vs. Bank of China | Zhejiang Daily vs. China Construction Bank |
Flat Glass vs. Zhejiang Construction Investment | Flat Glass vs. Kunwu Jiuding Investment | Flat Glass vs. Metro Investment Development | Flat Glass vs. Xiandai Investment Co |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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