Correlation Between Guocheng Mining and Time Publishing
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By analyzing existing cross correlation between Guocheng Mining Co and Time Publishing and, you can compare the effects of market volatilities on Guocheng Mining and Time 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 Guocheng Mining with a short position of Time Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guocheng Mining and Time Publishing.
Diversification Opportunities for Guocheng Mining and Time Publishing
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guocheng and Time is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Guocheng Mining Co and Time Publishing and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Time Publishing and Guocheng Mining 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 Guocheng Mining Co are associated (or correlated) with Time Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Time Publishing has no effect on the direction of Guocheng Mining i.e., Guocheng Mining and Time Publishing go up and down completely randomly.
Pair Corralation between Guocheng Mining and Time Publishing
Assuming the 90 days trading horizon Guocheng Mining Co is expected to generate 1.62 times more return on investment than Time Publishing. However, Guocheng Mining is 1.62 times more volatile than Time Publishing and. It trades about 0.27 of its potential returns per unit of risk. Time Publishing and is currently generating about 0.14 per unit of risk. If you would invest 888.00 in Guocheng Mining Co on September 15, 2024 and sell it today you would earn a total of 663.00 from holding Guocheng Mining Co or generate 74.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Guocheng Mining Co vs. Time Publishing and
Performance |
Timeline |
Guocheng Mining |
Time Publishing |
Guocheng Mining and Time Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guocheng Mining and Time Publishing
The main advantage of trading using opposite Guocheng Mining and Time Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guocheng Mining position performs unexpectedly, Time 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 Time Publishing will offset losses from the drop in Time Publishing's long position.Guocheng Mining vs. Cambricon Technologies Corp | Guocheng Mining vs. Loongson Technology Corp | Guocheng Mining vs. Shenzhen Fortune Trend | Guocheng Mining vs. Chongqing Road Bridge |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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