Correlation Between Jiugui Liquor and Rising Nonferrous
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By analyzing existing cross correlation between Jiugui Liquor Co and Rising Nonferrous Metals, you can compare the effects of market volatilities on Jiugui Liquor and Rising Nonferrous 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 Jiugui Liquor with a short position of Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiugui Liquor and Rising Nonferrous.
Diversification Opportunities for Jiugui Liquor and Rising Nonferrous
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiugui and Rising is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jiugui Liquor Co and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals and Jiugui Liquor 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 Jiugui Liquor Co are associated (or correlated) with Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Jiugui Liquor i.e., Jiugui Liquor and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Jiugui Liquor and Rising Nonferrous
Assuming the 90 days trading horizon Jiugui Liquor Co is expected to under-perform the Rising Nonferrous. In addition to that, Jiugui Liquor is 1.16 times more volatile than Rising Nonferrous Metals. It trades about -0.07 of its total potential returns per unit of risk. Rising Nonferrous Metals is currently generating about -0.04 per unit of volatility. If you would invest 4,838 in Rising Nonferrous Metals on October 29, 2024 and sell it today you would lose (1,918) from holding Rising Nonferrous Metals or give up 39.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiugui Liquor Co vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Jiugui Liquor |
| Rising Nonferrous Metals |
Jiugui Liquor and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiugui Liquor and Rising Nonferrous
The main advantage of trading using opposite Jiugui Liquor and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiugui Liquor position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Jiugui Liquor vs. Chengdu Kanghua Biological | Jiugui Liquor vs. Beijing Wantai Biological | Jiugui Liquor vs. Suzhou Novoprotein Scientific | Jiugui Liquor vs. Aluminum Corp of |
| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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