Correlation Between Eastroc Beverage and Zhejiang Qianjiang
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By analyzing existing cross correlation between Eastroc Beverage Group and Zhejiang Qianjiang Motorcycle, you can compare the effects of market volatilities on Eastroc Beverage and Zhejiang Qianjiang 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 Eastroc Beverage with a short position of Zhejiang Qianjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Zhejiang Qianjiang.
Diversification Opportunities for Eastroc Beverage and Zhejiang Qianjiang
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eastroc and Zhejiang is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Zhejiang Qianjiang Motorcycle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Qianjiang and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Zhejiang Qianjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Qianjiang has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Zhejiang Qianjiang go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Zhejiang Qianjiang
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.67 times more return on investment than Zhejiang Qianjiang. However, Eastroc Beverage Group is 1.49 times less risky than Zhejiang Qianjiang. It trades about 0.08 of its potential returns per unit of risk. Zhejiang Qianjiang Motorcycle is currently generating about 0.01 per unit of risk. If you would invest 13,067 in Eastroc Beverage Group on September 26, 2024 and sell it today you would earn a total of 11,145 from holding Eastroc Beverage Group or generate 85.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Eastroc Beverage Group vs. Zhejiang Qianjiang Motorcycle
Performance |
Timeline |
Eastroc Beverage |
Zhejiang Qianjiang |
Eastroc Beverage and Zhejiang Qianjiang Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastroc Beverage and Zhejiang Qianjiang
The main advantage of trading using opposite Eastroc Beverage and Zhejiang Qianjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Zhejiang Qianjiang 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 Qianjiang will offset losses from the drop in Zhejiang Qianjiang's long position.Eastroc Beverage vs. Jinling Hotel Corp | Eastroc Beverage vs. Harbin Hatou Investment | Eastroc Beverage vs. Jiangsu Yueda Investment | Eastroc Beverage vs. Hubei Geoway Investment |
Zhejiang Qianjiang vs. Guilin Seamild Foods | Zhejiang Qianjiang vs. Zhongyin Babi Food | Zhejiang Qianjiang vs. Wasu Media Holding | Zhejiang Qianjiang vs. Eastroc Beverage Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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