Correlation Between 5I5j Holding and Tjk Machinery
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By analyzing existing cross correlation between 5I5j Holding Group and Tjk Machinery Tianjin, you can compare the effects of market volatilities on 5I5j Holding and Tjk Machinery 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 5I5j Holding with a short position of Tjk Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of 5I5j Holding and Tjk Machinery.
Diversification Opportunities for 5I5j Holding and Tjk Machinery
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 5I5j and Tjk is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding 5I5j Holding Group and Tjk Machinery Tianjin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tjk Machinery Tianjin and 5I5j Holding 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 5I5j Holding Group are associated (or correlated) with Tjk Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tjk Machinery Tianjin has no effect on the direction of 5I5j Holding i.e., 5I5j Holding and Tjk Machinery go up and down completely randomly.
Pair Corralation between 5I5j Holding and Tjk Machinery
Assuming the 90 days trading horizon 5I5j Holding Group is expected to generate 1.04 times more return on investment than Tjk Machinery. However, 5I5j Holding is 1.04 times more volatile than Tjk Machinery Tianjin. It trades about 0.02 of its potential returns per unit of risk. Tjk Machinery Tianjin is currently generating about 0.02 per unit of risk. If you would invest 270.00 in 5I5j Holding Group on October 18, 2024 and sell it today you would earn a total of 28.00 from holding 5I5j Holding Group or generate 10.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
5I5j Holding Group vs. Tjk Machinery Tianjin
Performance |
| Timeline |
| 5I5j Holding Group |
| Tjk Machinery Tianjin |
5I5j Holding and Tjk Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 5I5j Holding and Tjk Machinery
The main advantage of trading using opposite 5I5j Holding and Tjk Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 5I5j Holding position performs unexpectedly, Tjk Machinery 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 Tjk Machinery will offset losses from the drop in Tjk Machinery's long position.| 5I5j Holding vs. Fiberhome Telecommunication Technologies | 5I5j Holding vs. Yingde Greatchem Chemicals | 5I5j Holding vs. Hubei Xingfa Chemicals | 5I5j Holding vs. Dymatic Chemicals |
| Tjk Machinery vs. Jilin Jlu Communication | Tjk Machinery vs. Miracll Chemicals Co | Tjk Machinery vs. Tongyu Communication | Tjk Machinery vs. Guangzhou Haige Communications |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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