Correlation Between China Securities and Chifeng Jilong
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Securities 800 and Chifeng Jilong Gold, you can compare the effects of market volatilities on China Securities and Chifeng Jilong 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 China Securities with a short position of Chifeng Jilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Chifeng Jilong.
Diversification Opportunities for China Securities and Chifeng Jilong
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Chifeng is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Chifeng Jilong Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chifeng Jilong Gold and China Securities 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 China Securities 800 are associated (or correlated) with Chifeng Jilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chifeng Jilong Gold has no effect on the direction of China Securities i.e., China Securities and Chifeng Jilong go up and down completely randomly.
Pair Corralation between China Securities and Chifeng Jilong
Assuming the 90 days trading horizon China Securities is expected to generate 5.16 times less return on investment than Chifeng Jilong. But when comparing it to its historical volatility, China Securities 800 is 1.97 times less risky than Chifeng Jilong. It trades about 0.0 of its potential returns per unit of risk. Chifeng Jilong Gold is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,808 in Chifeng Jilong Gold on September 2, 2024 and sell it today you would lose (112.00) from holding Chifeng Jilong Gold or give up 6.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Chifeng Jilong Gold
Performance |
| Timeline |
China Securities and Chifeng Jilong Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Chifeng Jilong Gold
Pair trading matchups for Chifeng Jilong
Pair Trading with China Securities and Chifeng Jilong
The main advantage of trading using opposite China Securities and Chifeng Jilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Chifeng Jilong 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 Chifeng Jilong will offset losses from the drop in Chifeng Jilong's long position.| China Securities vs. Omnijoi Media Corp | China Securities vs. Gansu Jiu Steel | China Securities vs. Dalian Zeus Entertainment | China Securities vs. JiShi Media Co |
| Chifeng Jilong vs. Kunshan Guoli Electronic | Chifeng Jilong vs. Dhc Software Co | Chifeng Jilong vs. Weihai Honglin Electronic | Chifeng Jilong vs. Ningbo Kangqiang Electronics |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |