Correlation Between PX Prague and China Securities
Specify exactly 2 symbols:
By analyzing existing cross correlation between PX Prague Stock and China Securities 800, you can compare the effects of market volatilities on PX Prague and China Securities 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 PX Prague with a short position of China Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of PX Prague and China Securities.
Diversification Opportunities for PX Prague and China Securities
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PX Prague and China is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding PX Prague Stock and China Securities 800 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Securities 800 and PX Prague 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 PX Prague Stock are associated (or correlated) with China Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Securities 800 has no effect on the direction of PX Prague i.e., PX Prague and China Securities go up and down completely randomly.
Pair Corralation between PX Prague and China Securities
Assuming the 90 days trading horizon PX Prague Stock is expected to generate 0.46 times more return on investment than China Securities. However, PX Prague Stock is 2.16 times less risky than China Securities. It trades about 0.13 of its potential returns per unit of risk. China Securities 800 is currently generating about 0.05 per unit of risk. If you would invest 152,539 in PX Prague Stock on January 30, 2024 and sell it today you would earn a total of 1,799 from holding PX Prague Stock or generate 1.18% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
PX Prague Stock vs. China Securities 800
Performance |
Timeline |
PX Prague and China Securities Volatility Contrast
Predicted Return Density |
Returns |
PX Prague Stock
Pair trading matchups for PX Prague
China Securities 800
Pair trading matchups for China Securities
Pair Trading with PX Prague and China Securities
The main advantage of trading using opposite PX Prague and China Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PX Prague position performs unexpectedly, China Securities 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 China Securities will offset losses from the drop in China Securities' long position.PX Prague vs. Vienna Insurance Group | PX Prague vs. Moneta Money Bank | PX Prague vs. Komercni Banka AS | PX Prague vs. Erste Group Bank |
China Securities vs. Guangzhou Automobile Group | China Securities vs. Shaanxi Meineng Clean | China Securities vs. Xiangyang Automobile Bearing | China Securities vs. Huaibei Mining Holdings |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Transaction History View history of all your transactions and understand their impact on performance | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |