Correlation Between Unisplendour Corp and Jiangxi Hengda
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By analyzing existing cross correlation between Unisplendour Corp and Jiangxi Hengda Hi Tech, you can compare the effects of market volatilities on Unisplendour Corp and Jiangxi Hengda 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 Unisplendour Corp with a short position of Jiangxi Hengda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Jiangxi Hengda.
Diversification Opportunities for Unisplendour Corp and Jiangxi Hengda
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Unisplendour and Jiangxi is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Jiangxi Hengda Hi Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Hengda Hi and Unisplendour Corp 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 Unisplendour Corp are associated (or correlated) with Jiangxi Hengda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Hengda Hi has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Jiangxi Hengda go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Jiangxi Hengda
Assuming the 90 days trading horizon Unisplendour Corp is expected to under-perform the Jiangxi Hengda. In addition to that, Unisplendour Corp is 1.15 times more volatile than Jiangxi Hengda Hi Tech. It trades about 0.0 of its total potential returns per unit of risk. Jiangxi Hengda Hi Tech is currently generating about 0.05 per unit of volatility. If you would invest 543.00 in Jiangxi Hengda Hi Tech on August 28, 2024 and sell it today you would earn a total of 12.00 from holding Jiangxi Hengda Hi Tech or generate 2.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Jiangxi Hengda Hi Tech
Performance |
| Timeline |
| Unisplendour Corp |
| Jiangxi Hengda Hi |
Unisplendour Corp and Jiangxi Hengda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Jiangxi Hengda
The main advantage of trading using opposite Unisplendour Corp and Jiangxi Hengda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Jiangxi Hengda 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 Jiangxi Hengda will offset losses from the drop in Jiangxi Hengda's long position.| Unisplendour Corp vs. BYD Co Ltd | Unisplendour Corp vs. China Mobile Limited | Unisplendour Corp vs. Agricultural Bank of | Unisplendour Corp vs. Industrial and Commercial |
| Jiangxi Hengda vs. Zijin Mining Group | Jiangxi Hengda vs. Baoshan Iron Steel | Jiangxi Hengda vs. Shandong Gold Mining | Jiangxi Hengda 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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