Correlation Between Zhongrun Resources and Jiangnan Mould
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By analyzing existing cross correlation between Zhongrun Resources Investment and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Zhongrun Resources and Jiangnan Mould 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 Zhongrun Resources with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongrun Resources and Jiangnan Mould.
Diversification Opportunities for Zhongrun Resources and Jiangnan Mould
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Zhongrun and Jiangnan is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Zhongrun Resources Investment and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Zhongrun Resources 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 Zhongrun Resources Investment are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Zhongrun Resources i.e., Zhongrun Resources and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Zhongrun Resources and Jiangnan Mould
Assuming the 90 days trading horizon Zhongrun Resources Investment is expected to generate 1.89 times more return on investment than Jiangnan Mould. However, Zhongrun Resources is 1.89 times more volatile than Jiangnan Mould Plastic. It trades about 0.09 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about -0.05 per unit of risk. If you would invest 353.00 in Zhongrun Resources Investment on October 30, 2024 and sell it today you would earn a total of 38.00 from holding Zhongrun Resources Investment or generate 10.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhongrun Resources Investment vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Zhongrun Resources |
| Jiangnan Mould Plastic |
Zhongrun Resources and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhongrun Resources and Jiangnan Mould
The main advantage of trading using opposite Zhongrun Resources and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongrun Resources position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Zhongrun Resources vs. Tibet Huayu Mining | Zhongrun Resources vs. New Hope Dairy | Zhongrun Resources vs. Jiajia Food Group | Zhongrun Resources vs. Guangdong Silvere Sci |
| Jiangnan Mould vs. BrightGene Bio Medical | Jiangnan Mould vs. Kontour Medical Technology | Jiangnan Mould vs. Threes Company Media | Jiangnan Mould vs. Hengdian Entertainment Co |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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