Correlation Between Gansu Yasheng and Chinese Universe
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By analyzing existing cross correlation between Gansu Yasheng Industrial and Chinese Universe Publishing, you can compare the effects of market volatilities on Gansu Yasheng and Chinese Universe 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 Gansu Yasheng with a short position of Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Yasheng and Chinese Universe.
Diversification Opportunities for Gansu Yasheng and Chinese Universe
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Gansu and Chinese is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub and Gansu Yasheng 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 Gansu Yasheng Industrial are associated (or correlated) with Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Gansu Yasheng i.e., Gansu Yasheng and Chinese Universe go up and down completely randomly.
Pair Corralation between Gansu Yasheng and Chinese Universe
Assuming the 90 days trading horizon Gansu Yasheng Industrial is expected to generate 1.39 times more return on investment than Chinese Universe. However, Gansu Yasheng is 1.39 times more volatile than Chinese Universe Publishing. It trades about 0.17 of its potential returns per unit of risk. Chinese Universe Publishing is currently generating about 0.1 per unit of risk. If you would invest 294.00 in Gansu Yasheng Industrial on September 15, 2024 and sell it today you would earn a total of 29.00 from holding Gansu Yasheng Industrial or generate 9.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Gansu Yasheng Industrial vs. Chinese Universe Publishing
Performance |
Timeline |
Gansu Yasheng Industrial |
Chinese Universe Pub |
Gansu Yasheng and Chinese Universe Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gansu Yasheng and Chinese Universe
The main advantage of trading using opposite Gansu Yasheng and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Yasheng position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.Gansu Yasheng vs. Nuode Investment Co | Gansu Yasheng vs. Tieling Newcity Investment | Gansu Yasheng vs. Western Mining Co | Gansu Yasheng vs. JCHX Mining Management |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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