Correlation Between Hunan TV and Chengdu Xinzhu
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By analyzing existing cross correlation between Hunan TV Broadcast and Chengdu Xinzhu RoadBridge, you can compare the effects of market volatilities on Hunan TV and Chengdu Xinzhu 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 Hunan TV with a short position of Chengdu Xinzhu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Chengdu Xinzhu.
Diversification Opportunities for Hunan TV and Chengdu Xinzhu
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hunan and Chengdu is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Chengdu Xinzhu RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Xinzhu RoadBridge and Hunan TV 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 Hunan TV Broadcast are associated (or correlated) with Chengdu Xinzhu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Xinzhu RoadBridge has no effect on the direction of Hunan TV i.e., Hunan TV and Chengdu Xinzhu go up and down completely randomly.
Pair Corralation between Hunan TV and Chengdu Xinzhu
Assuming the 90 days trading horizon Hunan TV is expected to generate 1.05 times less return on investment than Chengdu Xinzhu. But when comparing it to its historical volatility, Hunan TV Broadcast is 1.17 times less risky than Chengdu Xinzhu. It trades about 0.02 of its potential returns per unit of risk. Chengdu Xinzhu RoadBridge is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 673.00 in Chengdu Xinzhu RoadBridge on July 20, 2025 and sell it today you would earn a total of 10.00 from holding Chengdu Xinzhu RoadBridge or generate 1.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Chengdu Xinzhu RoadBridge
Performance |
| Timeline |
| Hunan TV Broadcast |
| Chengdu Xinzhu RoadBridge |
Hunan TV and Chengdu Xinzhu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Chengdu Xinzhu
The main advantage of trading using opposite Hunan TV and Chengdu Xinzhu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Chengdu Xinzhu 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 Chengdu Xinzhu will offset losses from the drop in Chengdu Xinzhu's long position.| Hunan TV vs. Sharetronic Data Technology | Hunan TV vs. Western Superconducting Tech | Hunan TV vs. Jiujiang Shanshui Technology | Hunan TV vs. HUAQIN TECHNOLOGY LTD |
| Chengdu Xinzhu vs. Citic Guoan Wine | Chengdu Xinzhu vs. Spring Airlines Co | Chengdu Xinzhu vs. Gansu Huangtai Wine marketing | Chengdu Xinzhu vs. Yindu Kitchen Equipment |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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