Correlation Between Yunnan Xiyi and Jiangsu Broadcasting
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Xiyi Industrial and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Yunnan Xiyi and Jiangsu Broadcasting 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 Yunnan Xiyi with a short position of Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Xiyi and Jiangsu Broadcasting.
Diversification Opportunities for Yunnan Xiyi and Jiangsu Broadcasting
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yunnan and Jiangsu is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Xiyi Industrial and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting and Yunnan Xiyi 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 Yunnan Xiyi Industrial are associated (or correlated) with Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Yunnan Xiyi i.e., Yunnan Xiyi and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Yunnan Xiyi and Jiangsu Broadcasting
Assuming the 90 days trading horizon Yunnan Xiyi is expected to generate 1.01 times less return on investment than Jiangsu Broadcasting. In addition to that, Yunnan Xiyi is 1.38 times more volatile than Jiangsu Broadcasting Cable. It trades about 0.03 of its total potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about 0.04 per unit of volatility. If you would invest 347.00 in Jiangsu Broadcasting Cable on September 3, 2024 and sell it today you would earn a total of 11.00 from holding Jiangsu Broadcasting Cable or generate 3.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Xiyi Industrial vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Yunnan Xiyi Industrial |
| Jiangsu Broadcasting |
Yunnan Xiyi and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Xiyi and Jiangsu Broadcasting
The main advantage of trading using opposite Yunnan Xiyi and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Xiyi position performs unexpectedly, Jiangsu Broadcasting 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 Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Yunnan Xiyi vs. Anhui Huilong Agricultural | Yunnan Xiyi vs. Huasi Agricultural Development | Yunnan Xiyi vs. Shantui Construction Machinery | Yunnan Xiyi vs. Sinomach General Machinery |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |