Correlation Between Jiangnan Mould and Lens Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangnan Mould Plastic and Lens Technology Co, you can compare the effects of market volatilities on Jiangnan Mould and Lens Technology 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 Lens Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Lens Technology.
Diversification Opportunities for Jiangnan Mould and Lens Technology
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangnan and Lens is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Lens Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lens 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 Lens Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lens Technology has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Lens Technology go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Lens Technology
Assuming the 90 days trading horizon Jiangnan Mould is expected to generate 1.68 times less return on investment than Lens Technology. In addition to that, Jiangnan Mould is 1.03 times more volatile than Lens Technology Co. It trades about 0.04 of its total potential returns per unit of risk. Lens Technology Co is currently generating about 0.07 per unit of volatility. If you would invest 1,278 in Lens Technology Co on October 29, 2024 and sell it today you would earn a total of 1,373 from holding Lens Technology Co or generate 107.43% 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. Lens Technology Co
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Lens Technology |
Jiangnan Mould and Lens Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Lens Technology
The main advantage of trading using opposite Jiangnan Mould and Lens Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Lens Technology 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 Lens Technology will offset losses from the drop in Lens Technology's long position.| Jiangnan Mould vs. Kweichow Moutai Co | Jiangnan Mould vs. Jiangsu Pacific Quartz | Jiangnan Mould vs. Shenzhen Transsion Holdings | Jiangnan Mould vs. Beijing Roborock Technology |
| Lens Technology vs. Sichuan Fulin Transportation | Lens Technology vs. Anhui Transport Consulting | Lens Technology vs. Jilin OLED Material | Lens Technology vs. Easyhome New Retail |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |