Correlation Between Jiangnan Mould and Tianjin Realty
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Tianjin Realty Development, you can compare the effects of market volatilities on Jiangnan Mould and Tianjin Realty 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 Tianjin Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Tianjin Realty.
Diversification Opportunities for Jiangnan Mould and Tianjin Realty
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangnan and Tianjin is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Tianjin Realty Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Realty Devel 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 Tianjin Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Realty Devel has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Tianjin Realty go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Tianjin Realty
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 0.43 times more return on investment than Tianjin Realty. However, Jiangnan Mould Plastic is 2.3 times less risky than Tianjin Realty. It trades about -0.3 of its potential returns per unit of risk. Tianjin Realty Development is currently generating about -0.35 per unit of risk. If you would invest 748.00 in Jiangnan Mould Plastic on October 16, 2024 and sell it today you would lose (85.00) from holding Jiangnan Mould Plastic or give up 11.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Tianjin Realty Development
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Tianjin Realty Devel |
Jiangnan Mould and Tianjin Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Tianjin Realty
The main advantage of trading using opposite Jiangnan Mould and Tianjin Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Tianjin Realty 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 Tianjin Realty will offset losses from the drop in Tianjin Realty'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 |
| Tianjin Realty vs. Ligao Foods CoLtd | Tianjin Realty vs. Bohai Leasing Co | Tianjin Realty vs. Youyou Foods Co | Tianjin Realty 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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