Correlation Between Jiangnan Mould and Gansu Huangtai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangnan Mould Plastic and Gansu Huangtai Wine marketing, you can compare the effects of market volatilities on Jiangnan Mould and Gansu Huangtai 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 Gansu Huangtai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Gansu Huangtai.
Diversification Opportunities for Jiangnan Mould and Gansu Huangtai
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangnan and Gansu is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Gansu Huangtai Wine marketing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Huangtai Wine 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 Gansu Huangtai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Huangtai Wine has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Gansu Huangtai go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Gansu Huangtai
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 0.39 times more return on investment than Gansu Huangtai. However, Jiangnan Mould Plastic is 2.56 times less risky than Gansu Huangtai. It trades about 0.05 of its potential returns per unit of risk. Gansu Huangtai Wine marketing is currently generating about -0.11 per unit of risk. If you would invest 681.00 in Jiangnan Mould Plastic on November 1, 2024 and sell it today you would earn a total of 10.00 from holding Jiangnan Mould Plastic or generate 1.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Gansu Huangtai Wine marketing
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Gansu Huangtai Wine |
Jiangnan Mould and Gansu Huangtai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Gansu Huangtai
The main advantage of trading using opposite Jiangnan Mould and Gansu Huangtai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Gansu Huangtai 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 Gansu Huangtai will offset losses from the drop in Gansu Huangtai's long position.| Jiangnan Mould vs. Linkage Software Co | Jiangnan Mould vs. Hangzhou Pinming Software | Jiangnan Mould vs. Keda Clean Energy | Jiangnan Mould vs. Beijing Sanyuan Foods |
| Gansu Huangtai vs. Queclink Wireless Solutions | Gansu Huangtai vs. GigaDevice SemiconductorBeiji | Gansu Huangtai vs. Shannon Semiconductor Technology | Gansu Huangtai vs. Jiangnan Mould Plastic |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |