Correlation Between Guangdong Jingyi and IRay Technology
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By analyzing existing cross correlation between Guangdong Jingyi Metal and iRay Technology Co, you can compare the effects of market volatilities on Guangdong Jingyi and IRay Technology 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 IRay Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and IRay Technology.
Diversification Opportunities for Guangdong Jingyi and IRay Technology
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and IRay is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and iRay Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iRay 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 IRay Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iRay Technology has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and IRay Technology go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and IRay Technology
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to generate 0.94 times more return on investment than IRay Technology. However, Guangdong Jingyi Metal is 1.06 times less risky than IRay Technology. It trades about 0.01 of its potential returns per unit of risk. iRay Technology Co is currently generating about -0.04 per unit of risk. If you would invest 789.00 in Guangdong Jingyi Metal on September 12, 2024 and sell it today you would lose (25.00) from holding Guangdong Jingyi Metal or give up 3.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. iRay Technology Co
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| iRay Technology |
Guangdong Jingyi and IRay Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and IRay Technology
The main advantage of trading using opposite Guangdong Jingyi and IRay Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, IRay Technology 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 IRay Technology will offset losses from the drop in IRay Technology's long position.| Guangdong Jingyi vs. Zijin Mining Group | Guangdong Jingyi vs. Wanhua Chemical Group | Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Rongsheng Petrochemical Co |
| IRay Technology vs. BTG Hotels Group | IRay Technology vs. Huatian Hotel Group | IRay Technology vs. Nanxing Furniture Machinery | IRay Technology vs. Huaxia Fund Management |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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