Correlation Between Guangzhou Seagull and Jiangsu Yueda
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Seagull Kitchen and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Guangzhou Seagull and Jiangsu Yueda 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 Guangzhou Seagull with a short position of Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Seagull and Jiangsu Yueda.
Diversification Opportunities for Guangzhou Seagull and Jiangsu Yueda
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangzhou and Jiangsu is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Seagull Kitchen and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment and Guangzhou Seagull 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 Guangzhou Seagull Kitchen are associated (or correlated) with Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Guangzhou Seagull i.e., Guangzhou Seagull and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Guangzhou Seagull and Jiangsu Yueda
Assuming the 90 days trading horizon Guangzhou Seagull Kitchen is expected to generate 2.07 times more return on investment than Jiangsu Yueda. However, Guangzhou Seagull is 2.07 times more volatile than Jiangsu Yueda Investment. It trades about 0.0 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about -0.1 per unit of risk. If you would invest 288.00 in Guangzhou Seagull Kitchen on November 1, 2024 and sell it today you would lose (3.00) from holding Guangzhou Seagull Kitchen or give up 1.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Seagull Kitchen vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Guangzhou Seagull Kitchen |
| Jiangsu Yueda Investment |
Guangzhou Seagull and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Seagull and Jiangsu Yueda
The main advantage of trading using opposite Guangzhou Seagull and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Seagull position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Guangzhou Seagull vs. Tibet Huayu Mining | Guangzhou Seagull vs. Guangdong Silvere Sci | Guangzhou Seagull vs. Heilongjiang Publishing Media | Guangzhou Seagull vs. Chengtun Mining Group |
| Jiangsu Yueda vs. Guangdong Jingyi Metal | Jiangsu Yueda vs. Universal Scientific Industrial | Jiangsu Yueda vs. Tibet Huayu Mining | Jiangsu Yueda vs. Sinocat Environmental Technology |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |