Correlation Between Xiamen Insight and Jiangnan Mould
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By analyzing existing cross correlation between Xiamen Insight Investment and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Xiamen Insight 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 Xiamen Insight with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Insight and Jiangnan Mould.
Diversification Opportunities for Xiamen Insight and Jiangnan Mould
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xiamen and Jiangnan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Insight 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 Xiamen Insight 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 Xiamen Insight 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 Xiamen Insight i.e., Xiamen Insight and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Xiamen Insight and Jiangnan Mould
Assuming the 90 days trading horizon Xiamen Insight Investment is expected to generate 1.24 times more return on investment than Jiangnan Mould. However, Xiamen Insight is 1.24 times more volatile than Jiangnan Mould Plastic. It trades about 0.06 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.04 per unit of risk. If you would invest 2,083 in Xiamen Insight Investment on October 25, 2024 and sell it today you would earn a total of 1,997 from holding Xiamen Insight Investment or generate 95.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Insight Investment vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Xiamen Insight Investment |
| Jiangnan Mould Plastic |
Xiamen Insight and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Insight and Jiangnan Mould
The main advantage of trading using opposite Xiamen Insight and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Insight 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.| Xiamen Insight vs. JCHX Mining Management | Xiamen Insight vs. Xinjiang Baodi Mining | Xiamen Insight vs. Leyard Optoelectronic | Xiamen Insight vs. Tibet Huayu Mining |
| Jiangnan Mould vs. Ningbo Fangzheng Automobile | Jiangnan Mould vs. Xiamen Insight Investment | Jiangnan Mould vs. Tieling Newcity Investment | Jiangnan Mould vs. Sinomach Automobile 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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