Correlation Between Zhejiang Yayi and Duzhe Publishing
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By analyzing existing cross correlation between Zhejiang Yayi Metal and Duzhe Publishing Media, you can compare the effects of market volatilities on Zhejiang Yayi and Duzhe 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 Zhejiang Yayi with a short position of Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and Duzhe Publishing.
Diversification Opportunities for Zhejiang Yayi and Duzhe Publishing
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhejiang and Duzhe is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media and Zhejiang Yayi 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 Zhejiang Yayi Metal are associated (or correlated) with Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and Duzhe Publishing
Assuming the 90 days trading horizon Zhejiang Yayi is expected to generate 2.4 times less return on investment than Duzhe Publishing. In addition to that, Zhejiang Yayi is 1.12 times more volatile than Duzhe Publishing Media. It trades about 0.02 of its total potential returns per unit of risk. Duzhe Publishing Media is currently generating about 0.06 per unit of volatility. If you would invest 581.00 in Duzhe Publishing Media on September 29, 2024 and sell it today you would earn a total of 59.00 from holding Duzhe Publishing Media or generate 10.15% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Zhejiang Yayi Metal vs. Duzhe Publishing Media
Performance |
Timeline |
Zhejiang Yayi Metal |
Duzhe Publishing Media |
Zhejiang Yayi and Duzhe Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhejiang Yayi and Duzhe Publishing
The main advantage of trading using opposite Zhejiang Yayi and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, Duzhe 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.Zhejiang Yayi vs. Agricultural Bank of | ||
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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