Correlation Between Jizhong Energy and CSG Holding
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By analyzing existing cross correlation between Jizhong Energy Resources and CSG Holding Co, you can compare the effects of market volatilities on Jizhong Energy and CSG Holding 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 Jizhong Energy with a short position of CSG Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jizhong Energy and CSG Holding.
Diversification Opportunities for Jizhong Energy and CSG Holding
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jizhong and CSG is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jizhong Energy Resources and CSG Holding Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSG Holding and Jizhong Energy 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 Jizhong Energy Resources are associated (or correlated) with CSG Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSG Holding has no effect on the direction of Jizhong Energy i.e., Jizhong Energy and CSG Holding go up and down completely randomly.
Pair Corralation between Jizhong Energy and CSG Holding
Assuming the 90 days trading horizon Jizhong Energy Resources is expected to generate 0.57 times more return on investment than CSG Holding. However, Jizhong Energy Resources is 1.75 times less risky than CSG Holding. It trades about -0.15 of its potential returns per unit of risk. CSG Holding Co is currently generating about -0.28 per unit of risk. If you would invest 628.00 in Jizhong Energy Resources on November 3, 2024 and sell it today you would lose (25.00) from holding Jizhong Energy Resources or give up 3.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jizhong Energy Resources vs. CSG Holding Co
Performance |
| Timeline |
| Jizhong Energy Resources |
| CSG Holding |
Jizhong Energy and CSG Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jizhong Energy and CSG Holding
The main advantage of trading using opposite Jizhong Energy and CSG Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jizhong Energy position performs unexpectedly, CSG Holding 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 CSG Holding will offset losses from the drop in CSG Holding's long position.| Jizhong Energy vs. Qtone Education Group | Jizhong Energy vs. Southern PublishingMedia Co | Jizhong Energy vs. China Publishing Media | Jizhong Energy vs. CareRay Digital Medical |
| CSG Holding vs. Jinhe Biotechnology Co | CSG Holding vs. Tinavi Medical Technologies | CSG Holding vs. Xiangyu Medical Co | CSG Holding vs. Sichuan Hebang Biotechnology |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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