Correlation Between Jiangnan Mould and Jinsanjiang Silicon
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Jiangnan Mould and Jinsanjiang Silicon 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 Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Jinsanjiang Silicon.
Diversification Opportunities for Jiangnan Mould and Jinsanjiang Silicon
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangnan and Jinsanjiang is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon 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 Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Jinsanjiang Silicon
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 0.79 times more return on investment than Jinsanjiang Silicon. However, Jiangnan Mould Plastic is 1.27 times less risky than Jinsanjiang Silicon. It trades about 0.03 of its potential returns per unit of risk. Jinsanjiang Silicon Material 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Jinsanjiang Silicon |
Jiangnan Mould and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Jinsanjiang Silicon
The main advantage of trading using opposite Jiangnan Mould and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Jiangnan Mould vs. Tianjin Ruixin Technology | Jiangnan Mould vs. 360 Security Technology | Jiangnan Mould vs. Eyebright Medical Technology | Jiangnan Mould vs. China Eastern Airlines |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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