Correlation Between Shenyang Huitian and Jangho Group
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Jangho Group Co, you can compare the effects of market volatilities on Shenyang Huitian and Jangho Group 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 Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Jangho Group.
Diversification Opportunities for Shenyang Huitian and Jangho Group
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenyang and Jangho is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group 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 Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Jangho Group go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Jangho Group
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 1.98 times more return on investment than Jangho Group. However, Shenyang Huitian is 1.98 times more volatile than Jangho Group Co. It trades about 0.03 of its potential returns per unit of risk. Jangho Group Co is currently generating about -0.05 per unit of risk. If you would invest 366.00 in Shenyang Huitian Thermal on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Shenyang Huitian Thermal or generate 1.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Jangho Group Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Jangho Group |
Shenyang Huitian and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Jangho Group
The main advantage of trading using opposite Shenyang Huitian and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Shenyang Huitian vs. Shandong Polymer Biochemicals | Shenyang Huitian vs. AUPU Home Style | Shenyang Huitian vs. Zoy Home Furnishing | Shenyang Huitian vs. Jahen Household Products |
| Jangho Group vs. Zhejiang Kingland Pipeline | Jangho Group vs. Dongfeng Automobile Co | Jangho Group vs. Keeson Technology Corp | Jangho Group vs. 360 Security Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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