Correlation Between Guangdong Jingyi and Shanxi Tond
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Shanxi Tond Chemical, you can compare the effects of market volatilities on Guangdong Jingyi and Shanxi Tond 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 Guangdong Jingyi with a short position of Shanxi Tond. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Shanxi Tond.
Diversification Opportunities for Guangdong Jingyi and Shanxi Tond
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guangdong and Shanxi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Shanxi Tond Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanxi Tond Chemical and Guangdong Jingyi 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 Guangdong Jingyi Metal are associated (or correlated) with Shanxi Tond. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanxi Tond Chemical has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Shanxi Tond go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Shanxi Tond
If you would invest 669.00 in Guangdong Jingyi Metal on October 29, 2024 and sell it today you would earn a total of 54.00 from holding Guangdong Jingyi Metal or generate 8.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Shanxi Tond Chemical
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Shanxi Tond Chemical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Guangdong Jingyi and Shanxi Tond Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Shanxi Tond
The main advantage of trading using opposite Guangdong Jingyi and Shanxi Tond positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Shanxi Tond 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 Shanxi Tond will offset losses from the drop in Shanxi Tond's long position.| Guangdong Jingyi vs. Xiamen Bank Co | Guangdong Jingyi vs. Time Publishing and | Guangdong Jingyi vs. Zhejiang Publishing Media | Guangdong Jingyi vs. COL Digital Publishing |
| Shanxi Tond vs. Soochow Suzhou Industrial | Shanxi Tond vs. Olympic Circuit Technology | Shanxi Tond vs. Guangdong Jingyi Metal | Shanxi Tond vs. Ningbo Fujia Industrial |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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