Correlation Between Jiangsu Changfa and Shaanxi Meineng
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Changfa Refrigeration and Shaanxi Meineng Clean, you can compare the effects of market volatilities on Jiangsu Changfa and Shaanxi Meineng 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 Jiangsu Changfa with a short position of Shaanxi Meineng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Changfa and Shaanxi Meineng.
Diversification Opportunities for Jiangsu Changfa and Shaanxi Meineng
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jiangsu and Shaanxi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Changfa Refrigeration and Shaanxi Meineng Clean in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Meineng Clean and Jiangsu Changfa 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 Jiangsu Changfa Refrigeration are associated (or correlated) with Shaanxi Meineng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Meineng Clean has no effect on the direction of Jiangsu Changfa i.e., Jiangsu Changfa and Shaanxi Meineng go up and down completely randomly.
Pair Corralation between Jiangsu Changfa and Shaanxi Meineng
If you would invest 1,283 in Shaanxi Meineng Clean on September 4, 2024 and sell it today you would earn a total of 113.00 from holding Shaanxi Meineng Clean or generate 8.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Jiangsu Changfa Refrigeration vs. Shaanxi Meineng Clean
Performance |
| Timeline |
| Jiangsu Changfa Refr |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Shaanxi Meineng Clean |
Jiangsu Changfa and Shaanxi Meineng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Changfa and Shaanxi Meineng
The main advantage of trading using opposite Jiangsu Changfa and Shaanxi Meineng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Changfa position performs unexpectedly, Shaanxi Meineng 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 Shaanxi Meineng will offset losses from the drop in Shaanxi Meineng's long position.| Jiangsu Changfa vs. China Construction Bank | Jiangsu Changfa vs. Qingdao Citymedia Co | Jiangsu Changfa vs. Duzhe Publishing Media | Jiangsu Changfa vs. Guosheng Financial Holding |
| Shaanxi Meineng vs. Wuhan Hvsen Biotechnology | Shaanxi Meineng vs. Zhangjiagang Freetrade Science | Shaanxi Meineng vs. Jiangsu GDK Biotechnology | Shaanxi Meineng vs. Yili Chuanning Biotechnology |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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