Correlation Between Mango Excellent and Hunan TV
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By analyzing existing cross correlation between Mango Excellent Media and Hunan TV Broadcast, you can compare the effects of market volatilities on Mango Excellent and Hunan TV 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 Mango Excellent with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Hunan TV.
Diversification Opportunities for Mango Excellent and Hunan TV
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mango and Hunan is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Mango Excellent i.e., Mango Excellent and Hunan TV go up and down completely randomly.
Pair Corralation between Mango Excellent and Hunan TV
Assuming the 90 days trading horizon Mango Excellent is expected to generate 1.09 times less return on investment than Hunan TV. But when comparing it to its historical volatility, Mango Excellent Media is 1.14 times less risky than Hunan TV. It trades about 0.1 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 590.00 in Hunan TV Broadcast on September 27, 2024 and sell it today you would earn a total of 140.00 from holding Hunan TV Broadcast or generate 23.73% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Mango Excellent Media vs. Hunan TV Broadcast
Performance |
Timeline |
Mango Excellent Media |
Hunan TV Broadcast |
Mango Excellent and Hunan TV Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Mango Excellent and Hunan TV
The main advantage of trading using opposite Mango Excellent and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.Mango Excellent vs. Industrial and Commercial | Mango Excellent vs. Kweichow Moutai Co | Mango Excellent vs. Agricultural Bank of | Mango Excellent vs. China Mobile Limited |
Hunan TV vs. Beijing Kaiwen Education | Hunan TV vs. Anhui Xinhua Media | Hunan TV vs. Dook Media Group | Hunan TV vs. Heilongjiang Publishing Media |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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