Correlation Between Haima Automobile and Jiangyin Jianghua
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By analyzing existing cross correlation between Haima Automobile Group and Jiangyin Jianghua Microelectronics, you can compare the effects of market volatilities on Haima Automobile and Jiangyin Jianghua 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 Haima Automobile with a short position of Jiangyin Jianghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Jiangyin Jianghua.
Diversification Opportunities for Haima Automobile and Jiangyin Jianghua
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Haima and Jiangyin is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Jiangyin Jianghua Microelectro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangyin Jianghua and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Jiangyin Jianghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangyin Jianghua has no effect on the direction of Haima Automobile i.e., Haima Automobile and Jiangyin Jianghua go up and down completely randomly.
Pair Corralation between Haima Automobile and Jiangyin Jianghua
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the Jiangyin Jianghua. In addition to that, Haima Automobile is 1.18 times more volatile than Jiangyin Jianghua Microelectronics. It trades about -0.17 of its total potential returns per unit of risk. Jiangyin Jianghua Microelectronics is currently generating about -0.15 per unit of volatility. If you would invest 1,771 in Jiangyin Jianghua Microelectronics on October 25, 2024 and sell it today you would lose (137.00) from holding Jiangyin Jianghua Microelectronics or give up 7.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Jiangyin Jianghua Microelectro
Performance |
| Timeline |
| Haima Automobile |
| Jiangyin Jianghua |
Haima Automobile and Jiangyin Jianghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Jiangyin Jianghua
The main advantage of trading using opposite Haima Automobile and Jiangyin Jianghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Jiangyin Jianghua 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 Jiangyin Jianghua will offset losses from the drop in Jiangyin Jianghua's long position.| Haima Automobile vs. Eyebright Medical Technology | Haima Automobile vs. Shanghai Yanpu Metal | Haima Automobile vs. Tianshan Aluminum Group | Haima Automobile vs. Tianjin Ruixin Technology |
| Jiangyin Jianghua vs. Kweichow Moutai Co | Jiangyin Jianghua vs. NAURA Technology Group | Jiangyin Jianghua vs. APT Medical | Jiangyin Jianghua 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 CEOs Directory module to screen CEOs from public companies around the world.
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