Correlation Between Integrated Electronic and Guangzhou Jinyi
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By analyzing existing cross correlation between Integrated Electronic Systems and Guangzhou Jinyi Media, you can compare the effects of market volatilities on Integrated Electronic and Guangzhou Jinyi 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 Integrated Electronic with a short position of Guangzhou Jinyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrated Electronic and Guangzhou Jinyi.
Diversification Opportunities for Integrated Electronic and Guangzhou Jinyi
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Integrated and Guangzhou is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Integrated Electronic Systems and Guangzhou Jinyi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jinyi Media and Integrated Electronic 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 Integrated Electronic Systems are associated (or correlated) with Guangzhou Jinyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jinyi Media has no effect on the direction of Integrated Electronic i.e., Integrated Electronic and Guangzhou Jinyi go up and down completely randomly.
Pair Corralation between Integrated Electronic and Guangzhou Jinyi
Assuming the 90 days trading horizon Integrated Electronic is expected to generate 3.85 times less return on investment than Guangzhou Jinyi. But when comparing it to its historical volatility, Integrated Electronic Systems is 1.15 times less risky than Guangzhou Jinyi. It trades about 0.09 of its potential returns per unit of risk. Guangzhou Jinyi Media is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 719.00 in Guangzhou Jinyi Media on September 14, 2024 and sell it today you would earn a total of 206.00 from holding Guangzhou Jinyi Media or generate 28.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrated Electronic Systems vs. Guangzhou Jinyi Media
Performance |
| Timeline |
| Integrated Electronic |
| Guangzhou Jinyi Media |
Integrated Electronic and Guangzhou Jinyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrated Electronic and Guangzhou Jinyi
The main advantage of trading using opposite Integrated Electronic and Guangzhou Jinyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrated Electronic position performs unexpectedly, Guangzhou Jinyi 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 Guangzhou Jinyi will offset losses from the drop in Guangzhou Jinyi's long position.| Integrated Electronic vs. Industrial and Commercial | Integrated Electronic vs. Agricultural Bank of | Integrated Electronic vs. China Construction Bank | Integrated Electronic vs. Bank of China |
| Guangzhou Jinyi vs. Integrated Electronic Systems | Guangzhou Jinyi vs. Hangzhou Weiguang Electronic | Guangzhou Jinyi vs. Success Electronics | Guangzhou Jinyi vs. Shenzhen Clou Electronics |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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