Correlation Between JS Corrugating and Northking Information
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By analyzing existing cross correlation between JS Corrugating Machinery and Northking Information Technology, you can compare the effects of market volatilities on JS Corrugating and Northking Information 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 JS Corrugating with a short position of Northking Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Corrugating and Northking Information.
Diversification Opportunities for JS Corrugating and Northking Information
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 000821 and Northking is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding JS Corrugating Machinery and Northking Information Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northking Information and JS Corrugating 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 JS Corrugating Machinery are associated (or correlated) with Northking Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northking Information has no effect on the direction of JS Corrugating i.e., JS Corrugating and Northking Information go up and down completely randomly.
Pair Corralation between JS Corrugating and Northking Information
Assuming the 90 days trading horizon JS Corrugating Machinery is expected to under-perform the Northking Information. In addition to that, JS Corrugating is 1.4 times more volatile than Northking Information Technology. It trades about -0.06 of its total potential returns per unit of risk. Northking Information Technology is currently generating about -0.03 per unit of volatility. If you would invest 1,541 in Northking Information Technology on August 31, 2024 and sell it today you would lose (48.00) from holding Northking Information Technology or give up 3.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JS Corrugating Machinery vs. Northking Information Technolo
Performance |
| Timeline |
| JS Corrugating Machinery |
| Northking Information |
JS Corrugating and Northking Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Corrugating and Northking Information
The main advantage of trading using opposite JS Corrugating and Northking Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Corrugating position performs unexpectedly, Northking Information 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 Northking Information will offset losses from the drop in Northking Information's long position.| JS Corrugating vs. Cultural Investment Holdings | JS Corrugating vs. Gome Telecom Equipment | JS Corrugating vs. Bus Online Co | JS Corrugating vs. Holitech Technology Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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