Correlation Between Dymatic Chemicals and Jiangxi Ganfeng
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By analyzing existing cross correlation between Dymatic Chemicals and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on Dymatic Chemicals and Jiangxi Ganfeng 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 Dymatic Chemicals with a short position of Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dymatic Chemicals and Jiangxi Ganfeng.
Diversification Opportunities for Dymatic Chemicals and Jiangxi Ganfeng
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Dymatic and Jiangxi is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Dymatic Chemicals and Jiangxi Ganfeng Lithium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Ganfeng Lithium and Dymatic Chemicals 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 Dymatic Chemicals are associated (or correlated) with Jiangxi Ganfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Ganfeng Lithium has no effect on the direction of Dymatic Chemicals i.e., Dymatic Chemicals and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between Dymatic Chemicals and Jiangxi Ganfeng
Assuming the 90 days trading horizon Dymatic Chemicals is expected to generate 0.79 times more return on investment than Jiangxi Ganfeng. However, Dymatic Chemicals is 1.27 times less risky than Jiangxi Ganfeng. It trades about -0.01 of its potential returns per unit of risk. Jiangxi Ganfeng Lithium is currently generating about -0.03 per unit of risk. If you would invest 783.00 in Dymatic Chemicals on September 3, 2024 and sell it today you would lose (160.00) from holding Dymatic Chemicals or give up 20.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dymatic Chemicals vs. Jiangxi Ganfeng Lithium
Performance |
| Timeline |
| Dymatic Chemicals |
| Jiangxi Ganfeng Lithium |
Dymatic Chemicals and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dymatic Chemicals and Jiangxi Ganfeng
The main advantage of trading using opposite Dymatic Chemicals and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dymatic Chemicals position performs unexpectedly, Jiangxi Ganfeng 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 Ganfeng will offset losses from the drop in Jiangxi Ganfeng's long position.| Dymatic Chemicals vs. Jointo Energy Investment | Dymatic Chemicals vs. Tieling Newcity Investment | Dymatic Chemicals vs. Guangzhou Automobile Group | Dymatic Chemicals vs. Jiangsu Yueda Investment |
| Jiangxi Ganfeng vs. Dymatic Chemicals | Jiangxi Ganfeng vs. Yingde Greatchem Chemicals | Jiangxi Ganfeng vs. Ningxia Younglight Chemicals | Jiangxi Ganfeng vs. Shandong Polymer Biochemicals |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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