Correlation Between ZJBC Information and Beijing SuperMap
Specify exactly 2 symbols:
By analyzing existing cross correlation between ZJBC Information Technology and Beijing SuperMap Software, you can compare the effects of market volatilities on ZJBC Information and Beijing SuperMap 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 ZJBC Information with a short position of Beijing SuperMap. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZJBC Information and Beijing SuperMap.
Diversification Opportunities for ZJBC Information and Beijing SuperMap
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ZJBC and Beijing is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding ZJBC Information Technology and Beijing SuperMap Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing SuperMap Software and ZJBC Information 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 ZJBC Information Technology are associated (or correlated) with Beijing SuperMap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing SuperMap Software has no effect on the direction of ZJBC Information i.e., ZJBC Information and Beijing SuperMap go up and down completely randomly.
Pair Corralation between ZJBC Information and Beijing SuperMap
Assuming the 90 days trading horizon ZJBC Information Technology is expected to generate 1.24 times more return on investment than Beijing SuperMap. However, ZJBC Information is 1.24 times more volatile than Beijing SuperMap Software. It trades about 0.31 of its potential returns per unit of risk. Beijing SuperMap Software is currently generating about -0.08 per unit of risk. If you would invest 218.00 in ZJBC Information Technology on September 13, 2024 and sell it today you would earn a total of 53.00 from holding ZJBC Information Technology or generate 24.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
ZJBC Information Technology vs. Beijing SuperMap Software
Performance |
| Timeline |
| ZJBC Information Tec |
| Beijing SuperMap Software |
ZJBC Information and Beijing SuperMap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZJBC Information and Beijing SuperMap
The main advantage of trading using opposite ZJBC Information and Beijing SuperMap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZJBC Information position performs unexpectedly, Beijing SuperMap 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 Beijing SuperMap will offset losses from the drop in Beijing SuperMap's long position.| ZJBC Information vs. Ming Yang Smart | ZJBC Information vs. 159681 | ZJBC Information vs. 159005 | ZJBC Information vs. Loctek Ergonomic Technology |
| Beijing SuperMap vs. Nanjing Putian Telecommunications | Beijing SuperMap vs. Tianjin Realty Development | Beijing SuperMap vs. Kangyue Technology Co | Beijing SuperMap vs. Shenzhen Hifuture Electric |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |