Correlation Between Jiangnan Mould and Southern PublishingMedia
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Southern PublishingMedia Co, you can compare the effects of market volatilities on Jiangnan Mould and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Southern PublishingMedia.
Diversification Opportunities for Jiangnan Mould and Southern PublishingMedia
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangnan and Southern is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Southern PublishingMedia
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to under-perform the Southern PublishingMedia. But the stock apears to be less risky and, when comparing its historical volatility, Jiangnan Mould Plastic is 1.01 times less risky than Southern PublishingMedia. The stock trades about -0.32 of its potential returns per unit of risk. The Southern PublishingMedia Co is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest 1,585 in Southern PublishingMedia Co on October 14, 2024 and sell it today you would lose (148.00) from holding Southern PublishingMedia Co or give up 9.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Southern PublishingMedia |
Jiangnan Mould and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Southern PublishingMedia
The main advantage of trading using opposite Jiangnan Mould and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Jiangnan Mould vs. Jinxiandai Information Industry | Jiangnan Mould vs. Ye Chiu Metal | Jiangnan Mould vs. Invengo Information Technology | Jiangnan Mould vs. Tongling Nonferrous Metals |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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