Correlation Between China Securities and Jingjin Environmental
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By analyzing existing cross correlation between China Securities 800 and Jingjin Environmental Protection, you can compare the effects of market volatilities on China Securities and Jingjin Environmental 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 Jingjin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Jingjin Environmental.
Diversification Opportunities for China Securities and Jingjin Environmental
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Jingjin is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Jingjin Environmental Protecti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jingjin Environmental 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 Jingjin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jingjin Environmental has no effect on the direction of China Securities i.e., China Securities and Jingjin Environmental go up and down completely randomly.
Pair Corralation between China Securities and Jingjin Environmental
Assuming the 90 days trading horizon China Securities 800 is expected to generate 0.56 times more return on investment than Jingjin Environmental. However, China Securities 800 is 1.78 times less risky than Jingjin Environmental. It trades about 0.0 of its potential returns per unit of risk. Jingjin Environmental Protection is currently generating about -0.03 per unit of risk. If you would invest 431,234 in China Securities 800 on September 4, 2024 and sell it today you would lose (3,491) from holding China Securities 800 or give up 0.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Jingjin Environmental Protecti
Performance |
| Timeline |
China Securities and Jingjin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Jingjin Environmental Protection
Pair trading matchups for Jingjin Environmental
Pair Trading with China Securities and Jingjin Environmental
The main advantage of trading using opposite China Securities and Jingjin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Jingjin Environmental 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 Jingjin Environmental will offset losses from the drop in Jingjin Environmental's long position.| China Securities vs. Xiwang Foodstuffs Co | China Securities vs. Beijing Sanyuan Foods | China Securities vs. Xinjiang Tianrun Dairy | China Securities vs. GRINM Semiconductor Materials |
| Jingjin Environmental vs. Shanghai Action Education | Jingjin Environmental vs. Lingyuan Iron Steel | Jingjin Environmental vs. Anyang Iron Steel | Jingjin Environmental vs. Jiangsu Phoenix Publishing |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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