Correlation Between Cinda Securities and Yunnan Chihong
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By analyzing existing cross correlation between Cinda Securities Co and Yunnan Chihong ZincGermanium, you can compare the effects of market volatilities on Cinda Securities and Yunnan Chihong 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 Cinda Securities with a short position of Yunnan Chihong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Yunnan Chihong.
Diversification Opportunities for Cinda Securities and Yunnan Chihong
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Cinda and Yunnan is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Yunnan Chihong ZincGermanium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Chihong ZincG and Cinda Securities 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 Cinda Securities Co are associated (or correlated) with Yunnan Chihong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Chihong ZincG has no effect on the direction of Cinda Securities i.e., Cinda Securities and Yunnan Chihong go up and down completely randomly.
Pair Corralation between Cinda Securities and Yunnan Chihong
Assuming the 90 days trading horizon Cinda Securities Co is expected to generate 1.27 times more return on investment than Yunnan Chihong. However, Cinda Securities is 1.27 times more volatile than Yunnan Chihong ZincGermanium. It trades about 0.05 of its potential returns per unit of risk. Yunnan Chihong ZincGermanium is currently generating about -0.01 per unit of risk. If you would invest 1,471 in Cinda Securities Co on September 25, 2024 and sell it today you would earn a total of 22.00 from holding Cinda Securities Co or generate 1.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Cinda Securities Co vs. Yunnan Chihong ZincGermanium
Performance |
Timeline |
Cinda Securities |
Yunnan Chihong ZincG |
Cinda Securities and Yunnan Chihong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cinda Securities and Yunnan Chihong
The main advantage of trading using opposite Cinda Securities and Yunnan Chihong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Yunnan Chihong 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 Yunnan Chihong will offset losses from the drop in Yunnan Chihong's long position.Cinda Securities vs. Kweichow Moutai Co | Cinda Securities vs. Contemporary Amperex Technology | Cinda Securities vs. G bits Network Technology | Cinda Securities vs. BYD Co Ltd |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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