Correlation Between Shenzhen Hifuture and Jiangsu Jinling
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Shenzhen Hifuture and Jiangsu Jinling 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 Shenzhen Hifuture with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Jiangsu Jinling.
Diversification Opportunities for Shenzhen Hifuture and Jiangsu Jinling
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Jiangsu is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Shenzhen Hifuture 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 Shenzhen Hifuture Electric are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Jiangsu Jinling
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.24 times more return on investment than Jiangsu Jinling. However, Shenzhen Hifuture is 1.24 times more volatile than Jiangsu Jinling Sports. It trades about 0.33 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about 0.3 per unit of risk. If you would invest 234.00 in Shenzhen Hifuture Electric on September 3, 2024 and sell it today you would earn a total of 48.00 from holding Shenzhen Hifuture Electric or generate 20.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Shenzhen Hifuture |
| Jiangsu Jinling Sports |
Shenzhen Hifuture and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Jiangsu Jinling
The main advantage of trading using opposite Shenzhen Hifuture and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Jiangsu Jinling 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 Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Shenzhen Hifuture vs. Wuhan Yangtze Communication | Shenzhen Hifuture vs. Holitech Technology Co | Shenzhen Hifuture vs. Shenzhen Kexin Communication | Shenzhen Hifuture vs. Saurer Intelligent Technology |
| Jiangsu Jinling vs. PetroChina Co Ltd | Jiangsu Jinling vs. China Mobile Limited | Jiangsu Jinling vs. Industrial and Commercial | Jiangsu Jinling vs. China Life Insurance |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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