Correlation Between Flat Glass and Zhejiang Tailin
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By analyzing existing cross correlation between Flat Glass Group and Zhejiang Tailin Bioengineering, you can compare the effects of market volatilities on Flat Glass and Zhejiang Tailin 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 Flat Glass with a short position of Zhejiang Tailin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flat Glass and Zhejiang Tailin.
Diversification Opportunities for Flat Glass and Zhejiang Tailin
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Flat and Zhejiang is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Flat Glass Group and Zhejiang Tailin Bioengineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Tailin Bioe and Flat Glass 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 Flat Glass Group are associated (or correlated) with Zhejiang Tailin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Tailin Bioe has no effect on the direction of Flat Glass i.e., Flat Glass and Zhejiang Tailin go up and down completely randomly.
Pair Corralation between Flat Glass and Zhejiang Tailin
Assuming the 90 days trading horizon Flat Glass Group is expected to under-perform the Zhejiang Tailin. In addition to that, Flat Glass is 1.04 times more volatile than Zhejiang Tailin Bioengineering. It trades about -0.35 of its total potential returns per unit of risk. Zhejiang Tailin Bioengineering is currently generating about -0.36 per unit of volatility. If you would invest 2,140 in Zhejiang Tailin Bioengineering on September 25, 2024 and sell it today you would lose (319.00) from holding Zhejiang Tailin Bioengineering or give up 14.91% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Flat Glass Group vs. Zhejiang Tailin Bioengineering
Performance |
Timeline |
Flat Glass Group |
Zhejiang Tailin Bioe |
Flat Glass and Zhejiang Tailin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Flat Glass and Zhejiang Tailin
The main advantage of trading using opposite Flat Glass and Zhejiang Tailin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flat Glass position performs unexpectedly, Zhejiang Tailin 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 Zhejiang Tailin will offset losses from the drop in Zhejiang Tailin's long position.Flat Glass vs. Kweichow Moutai Co | Flat Glass vs. Contemporary Amperex Technology | Flat Glass vs. G bits Network Technology | Flat Glass vs. BYD Co Ltd |
Zhejiang Tailin vs. New China Life | Zhejiang Tailin vs. Ming Yang Smart | Zhejiang Tailin vs. 159681 | Zhejiang Tailin vs. 159005 |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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