Correlation Between Do Fluoride and Jiangsu Xinri
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By analyzing existing cross correlation between Do Fluoride Chemicals Co and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Do Fluoride and Jiangsu Xinri 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 Do Fluoride with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Do Fluoride and Jiangsu Xinri.
Diversification Opportunities for Do Fluoride and Jiangsu Xinri
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 002407 and Jiangsu is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Do Fluoride Chemicals Co and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Do Fluoride 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 Do Fluoride Chemicals Co are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Do Fluoride i.e., Do Fluoride and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Do Fluoride and Jiangsu Xinri
Assuming the 90 days trading horizon Do Fluoride Chemicals Co is expected to under-perform the Jiangsu Xinri. But the stock apears to be less risky and, when comparing its historical volatility, Do Fluoride Chemicals Co is 1.06 times less risky than Jiangsu Xinri. The stock trades about -0.05 of its potential returns per unit of risk. The Jiangsu Xinri E Vehicle is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 1,900 in Jiangsu Xinri E Vehicle on October 18, 2024 and sell it today you would lose (878.00) from holding Jiangsu Xinri E Vehicle or give up 46.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Do Fluoride Chemicals Co vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Do Fluoride Chemicals |
| Jiangsu Xinri E |
Do Fluoride and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Do Fluoride and Jiangsu Xinri
The main advantage of trading using opposite Do Fluoride and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Do Fluoride position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Do Fluoride vs. Hunan Investment Group | Do Fluoride vs. Jointo Energy Investment | Do Fluoride vs. ZYF Lopsking Aluminum | Do Fluoride vs. Nuode Investment Co |
| Jiangsu Xinri vs. Bank of Suzhou | Jiangsu Xinri vs. Unisplendour Corp | Jiangsu Xinri vs. Do Fluoride Chemicals Co | Jiangsu Xinri vs. Porton Fine Chemicals |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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