Correlation Between Guangdong Jingyi and 360 Security
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By analyzing existing cross correlation between Guangdong Jingyi Metal and 360 Security Technology, you can compare the effects of market volatilities on Guangdong Jingyi and 360 Security 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 360 Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and 360 Security.
Diversification Opportunities for Guangdong Jingyi and 360 Security
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangdong and 360 is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and 360 Security Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 360 Security Technology 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 360 Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 360 Security Technology has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and 360 Security go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and 360 Security
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to generate 0.93 times more return on investment than 360 Security. However, Guangdong Jingyi Metal is 1.08 times less risky than 360 Security. It trades about 0.08 of its potential returns per unit of risk. 360 Security Technology is currently generating about 0.07 per unit of risk. If you would invest 449.00 in Guangdong Jingyi Metal on November 4, 2024 and sell it today you would earn a total of 280.00 from holding Guangdong Jingyi Metal or generate 62.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. 360 Security Technology
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| 360 Security Technology |
Guangdong Jingyi and 360 Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and 360 Security
The main advantage of trading using opposite Guangdong Jingyi and 360 Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, 360 Security 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 360 Security will offset losses from the drop in 360 Security's long position.| Guangdong Jingyi vs. Allmed Medical Products | Guangdong Jingyi vs. Hengkang Medical Group | Guangdong Jingyi vs. Touchstone International Medical | Guangdong Jingyi vs. Chengtun Mining Group |
| 360 Security vs. HengFeng Information Technology | 360 Security vs. Zhongfu Information | 360 Security vs. Hygon Information Technology | 360 Security vs. Sublime China Information |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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