Correlation Between Guangdong Jingyi and Poly Real
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Poly Real Estate, you can compare the effects of market volatilities on Guangdong Jingyi and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Poly Real.
Diversification Opportunities for Guangdong Jingyi and Poly Real
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and Poly is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Poly Real go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Poly Real
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to under-perform the Poly Real. But the stock apears to be less risky and, when comparing its historical volatility, Guangdong Jingyi Metal is 1.03 times less risky than Poly Real. The stock trades about -0.02 of its potential returns per unit of risk. The Poly Real Estate is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 823.00 in Poly Real Estate on November 29, 2024 and sell it today you would earn a total of 40.00 from holding Poly Real Estate or generate 4.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Poly Real Estate
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Poly Real Estate |
Guangdong Jingyi and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Poly Real
The main advantage of trading using opposite Guangdong Jingyi and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Guangdong Jingyi vs. Zhongrun Resources Investment | Guangdong Jingyi vs. Jointo Energy Investment | Guangdong Jingyi vs. Beijing Mainstreets Investment | Guangdong Jingyi vs. Zoje Resources Investment |
| Poly Real vs. China Mobile Limited | Poly Real vs. Guangxi Wuzhou Communications | Poly Real vs. Zotye Automobile Co | Poly Real vs. Dongfeng Automobile Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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