Correlation Between Shanghai Fudan and Guocheng Mining
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By analyzing existing cross correlation between Shanghai Fudan Microelectronics and Guocheng Mining Co, you can compare the effects of market volatilities on Shanghai Fudan and Guocheng Mining 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 Shanghai Fudan with a short position of Guocheng Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Fudan and Guocheng Mining.
Diversification Opportunities for Shanghai Fudan and Guocheng Mining
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shanghai and Guocheng is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Fudan Microelectronic and Guocheng Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guocheng Mining and Shanghai Fudan 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 Shanghai Fudan Microelectronics are associated (or correlated) with Guocheng Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guocheng Mining has no effect on the direction of Shanghai Fudan i.e., Shanghai Fudan and Guocheng Mining go up and down completely randomly.
Pair Corralation between Shanghai Fudan and Guocheng Mining
If you would invest (100.00) in Shanghai Fudan Microelectronics on October 8, 2024 and sell it today you would earn a total of 100.00 from holding Shanghai Fudan Microelectronics or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Shanghai Fudan Microelectronic vs. Guocheng Mining Co
Performance |
Timeline |
Shanghai Fudan Micro |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Guocheng Mining |
Shanghai Fudan and Guocheng Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shanghai Fudan and Guocheng Mining
The main advantage of trading using opposite Shanghai Fudan and Guocheng Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Fudan position performs unexpectedly, Guocheng Mining 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 Guocheng Mining will offset losses from the drop in Guocheng Mining's long position.Shanghai Fudan vs. Xiamen Jihong Package | Shanghai Fudan vs. Jiangxi Lianchuang Opto electronic | Shanghai Fudan vs. Shantou Wanshun Package | Shanghai Fudan vs. Jiugui Liquor Co |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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