Correlation Between Glodon Software and Jiujiang Shanshui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Glodon Software Co and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Glodon Software and Jiujiang Shanshui 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 Glodon Software with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glodon Software and Jiujiang Shanshui.
Diversification Opportunities for Glodon Software and Jiujiang Shanshui
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Glodon and Jiujiang is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Glodon Software Co and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui and Glodon Software 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 Glodon Software Co are associated (or correlated) with Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Glodon Software i.e., Glodon Software and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Glodon Software and Jiujiang Shanshui
Assuming the 90 days trading horizon Glodon Software Co is expected to under-perform the Jiujiang Shanshui. In addition to that, Glodon Software is 1.29 times more volatile than Jiujiang Shanshui Technology. It trades about -0.07 of its total potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about 0.0 per unit of volatility. If you would invest 1,826 in Jiujiang Shanshui Technology on August 28, 2024 and sell it today you would lose (211.00) from holding Jiujiang Shanshui Technology or give up 11.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Glodon Software Co vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Glodon Software |
| Jiujiang Shanshui |
Glodon Software and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glodon Software and Jiujiang Shanshui
The main advantage of trading using opposite Glodon Software and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glodon Software position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Glodon Software vs. Agricultural Bank of | Glodon Software vs. Industrial and Commercial | Glodon Software vs. Bank of China | Glodon Software vs. PetroChina Co Ltd |
| Jiujiang Shanshui vs. Zijin Mining Group | Jiujiang Shanshui vs. Baoshan Iron Steel | Jiujiang Shanshui vs. Shandong Gold Mining | Jiujiang Shanshui vs. Rongsheng Petrochemical 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |