Correlation Between 5I5j Holding and Jiangsu Zhongtian
Specify exactly 2 symbols:
By analyzing existing cross correlation between 5I5j Holding Group and Jiangsu Zhongtian Technology, you can compare the effects of market volatilities on 5I5j Holding and Jiangsu Zhongtian 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 Jiangsu Zhongtian. Check out your portfolio center. Please also check ongoing floating volatility patterns of 5I5j Holding and Jiangsu Zhongtian.
Diversification Opportunities for 5I5j Holding and Jiangsu Zhongtian
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 5I5j and Jiangsu is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding 5I5j Holding Group and Jiangsu Zhongtian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Zhongtian 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 Jiangsu Zhongtian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Zhongtian has no effect on the direction of 5I5j Holding i.e., 5I5j Holding and Jiangsu Zhongtian go up and down completely randomly.
Pair Corralation between 5I5j Holding and Jiangsu Zhongtian
Assuming the 90 days trading horizon 5I5j Holding Group is expected to generate 2.01 times more return on investment than Jiangsu Zhongtian. However, 5I5j Holding is 2.01 times more volatile than Jiangsu Zhongtian Technology. It trades about -0.02 of its potential returns per unit of risk. Jiangsu Zhongtian Technology is currently generating about -0.09 per unit of risk. If you would invest 333.00 in 5I5j Holding Group on September 25, 2024 and sell it today you would lose (8.00) from holding 5I5j Holding Group or give up 2.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
5I5j Holding Group vs. Jiangsu Zhongtian Technology
Performance |
| Timeline |
| 5I5j Holding Group |
| Jiangsu Zhongtian |
5I5j Holding and Jiangsu Zhongtian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 5I5j Holding and Jiangsu Zhongtian
The main advantage of trading using opposite 5I5j Holding and Jiangsu Zhongtian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 5I5j Holding position performs unexpectedly, Jiangsu Zhongtian 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 Jiangsu Zhongtian will offset losses from the drop in Jiangsu Zhongtian's long position.| 5I5j Holding vs. Industrial and Commercial | 5I5j Holding vs. Agricultural Bank of | 5I5j Holding vs. China Construction Bank | 5I5j Holding vs. Bank of China |
| Jiangsu Zhongtian vs. Kweichow Moutai Co | Jiangsu Zhongtian vs. Contemporary Amperex Technology | Jiangsu Zhongtian vs. G bits Network Technology | Jiangsu Zhongtian vs. BYD Co Ltd |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |