Correlation Between Shenyang Huitian and Jiugui Liquor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenyang Huitian Thermal and Jiugui Liquor Co, you can compare the effects of market volatilities on Shenyang Huitian and Jiugui Liquor 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 Shenyang Huitian with a short position of Jiugui Liquor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Jiugui Liquor.
Diversification Opportunities for Shenyang Huitian and Jiugui Liquor
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenyang and Jiugui is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Jiugui Liquor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiugui Liquor and Shenyang Huitian 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 Shenyang Huitian Thermal are associated (or correlated) with Jiugui Liquor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiugui Liquor has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Jiugui Liquor go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Jiugui Liquor
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 1.29 times more return on investment than Jiugui Liquor. However, Shenyang Huitian is 1.29 times more volatile than Jiugui Liquor Co. It trades about 0.04 of its potential returns per unit of risk. Jiugui Liquor Co is currently generating about -0.04 per unit of risk. If you would invest 308.00 in Shenyang Huitian Thermal on October 14, 2024 and sell it today you would earn a total of 13.00 from holding Shenyang Huitian Thermal or generate 4.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Jiugui Liquor Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Jiugui Liquor |
Shenyang Huitian and Jiugui Liquor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Jiugui Liquor
The main advantage of trading using opposite Shenyang Huitian and Jiugui Liquor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Jiugui Liquor 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 Jiugui Liquor will offset losses from the drop in Jiugui Liquor's long position.| Shenyang Huitian vs. Jointo Energy Investment | Shenyang Huitian vs. Ningxia Younglight Chemicals | Shenyang Huitian vs. Kunwu Jiuding Investment | Shenyang Huitian vs. Ningbo Ligong Online |
| Jiugui Liquor vs. Western Metal Materials | Jiugui Liquor vs. FSPG Hi Tech Co | Jiugui Liquor vs. Shenyang Huitian Thermal | Jiugui Liquor vs. Ningbo Jintian Copper |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |