Correlation Between Jiangnan Mould and CGN Nuclear
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By analyzing existing cross correlation between Jiangnan Mould Plastic and CGN Nuclear Technology, you can compare the effects of market volatilities on Jiangnan Mould and CGN Nuclear 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 Jiangnan Mould with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and CGN Nuclear.
Diversification Opportunities for Jiangnan Mould and CGN Nuclear
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangnan and CGN is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Jiangnan Mould 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 Jiangnan Mould Plastic are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and CGN Nuclear go up and down completely randomly.
Pair Corralation between Jiangnan Mould and CGN Nuclear
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 1.23 times more return on investment than CGN Nuclear. However, Jiangnan Mould is 1.23 times more volatile than CGN Nuclear Technology. It trades about 0.03 of its potential returns per unit of risk. CGN Nuclear Technology is currently generating about 0.0 per unit of risk. If you would invest 511.00 in Jiangnan Mould Plastic on October 16, 2024 and sell it today you would earn a total of 152.00 from holding Jiangnan Mould Plastic or generate 29.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. CGN Nuclear Technology
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| CGN Nuclear Technology |
Jiangnan Mould and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and CGN Nuclear
The main advantage of trading using opposite Jiangnan Mould and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Jiangnan Mould vs. Heilongjiang Transport Development | Jiangnan Mould vs. Shanghai Broadband Technology | Jiangnan Mould vs. Jiangsu Broadcasting Cable | Jiangnan Mould vs. Zhongrun Resources Investment |
| CGN Nuclear vs. Innovative Medical Management | CGN Nuclear vs. Harvest Fund Management | CGN Nuclear vs. Sanbo Hospital Management | CGN Nuclear vs. Anhui Huilong Agricultural |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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