Correlation Between Soyea Technology and Jiujiang Shanshui
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By analyzing existing cross correlation between Soyea Technology Co and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Soyea Technology and Jiujiang Shanshui 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 Soyea Technology with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Jiujiang Shanshui.
Diversification Opportunities for Soyea Technology and Jiujiang Shanshui
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Soyea and Jiujiang is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui and Soyea Technology 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 Soyea Technology Co are associated (or correlated) with Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Soyea Technology i.e., Soyea Technology and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Soyea Technology and Jiujiang Shanshui
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 1.14 times more return on investment than Jiujiang Shanshui. However, Soyea Technology is 1.14 times more volatile than Jiujiang Shanshui Technology. It trades about 0.01 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about 0.0 per unit of risk. If you would invest 647.00 in Soyea Technology Co on September 12, 2024 and sell it today you would lose (3.00) from holding Soyea Technology Co or give up 0.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Soyea Technology |
| Jiujiang Shanshui |
Soyea Technology and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Jiujiang Shanshui
The main advantage of trading using opposite Soyea Technology and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Soyea Technology vs. Industrial and Commercial | Soyea Technology vs. China Construction Bank | Soyea Technology vs. Bank of China | Soyea Technology vs. Agricultural Bank of |
| Jiujiang Shanshui vs. Zijin Mining Group | Jiujiang Shanshui vs. Wanhua Chemical Group | Jiujiang Shanshui vs. Baoshan Iron Steel | Jiujiang Shanshui vs. Rongsheng Petrochemical 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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