Correlation Between Anhui Xinhua and China Publishing
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By analyzing existing cross correlation between Anhui Xinhua Media and China Publishing Media, you can compare the effects of market volatilities on Anhui Xinhua and China Publishing 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 Anhui Xinhua with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Xinhua and China Publishing.
Diversification Opportunities for Anhui Xinhua and China Publishing
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Anhui and China is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Xinhua Media and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and Anhui Xinhua 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 Anhui Xinhua Media are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Anhui Xinhua i.e., Anhui Xinhua and China Publishing go up and down completely randomly.
Pair Corralation between Anhui Xinhua and China Publishing
Assuming the 90 days trading horizon Anhui Xinhua Media is expected to generate 0.79 times more return on investment than China Publishing. However, Anhui Xinhua Media is 1.26 times less risky than China Publishing. It trades about 0.0 of its potential returns per unit of risk. China Publishing Media is currently generating about 0.0 per unit of risk. If you would invest 757.00 in Anhui Xinhua Media on October 4, 2024 and sell it today you would lose (20.00) from holding Anhui Xinhua Media or give up 2.64% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Anhui Xinhua Media vs. China Publishing Media
Performance |
Timeline |
Anhui Xinhua Media |
China Publishing Media |
Anhui Xinhua and China Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anhui Xinhua and China Publishing
The main advantage of trading using opposite Anhui Xinhua and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Xinhua position performs unexpectedly, China Publishing 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 China Publishing will offset losses from the drop in China Publishing's long position.Anhui Xinhua vs. BTG Hotels Group | Anhui Xinhua vs. Guangzhou Dongfang Hotel | Anhui Xinhua vs. Guangdong Qunxing Toys | Anhui Xinhua vs. Shenyang Blue Silver |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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