Correlation Between Jiangxi Ganfeng and Do Fluoride
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By analyzing existing cross correlation between Jiangxi Ganfeng Lithium and Do Fluoride Chemicals Co, you can compare the effects of market volatilities on Jiangxi Ganfeng and Do Fluoride 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 Jiangxi Ganfeng with a short position of Do Fluoride. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Ganfeng and Do Fluoride.
Diversification Opportunities for Jiangxi Ganfeng and Do Fluoride
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangxi and 002407 is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Ganfeng Lithium and Do Fluoride Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Do Fluoride Chemicals and Jiangxi Ganfeng 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 Jiangxi Ganfeng Lithium are associated (or correlated) with Do Fluoride. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Do Fluoride Chemicals has no effect on the direction of Jiangxi Ganfeng i.e., Jiangxi Ganfeng and Do Fluoride go up and down completely randomly.
Pair Corralation between Jiangxi Ganfeng and Do Fluoride
Assuming the 90 days trading horizon Jiangxi Ganfeng Lithium is expected to generate 1.23 times more return on investment than Do Fluoride. However, Jiangxi Ganfeng is 1.23 times more volatile than Do Fluoride Chemicals Co. It trades about 0.18 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about 0.17 per unit of risk. If you would invest 2,597 in Jiangxi Ganfeng Lithium on August 28, 2024 and sell it today you would earn a total of 1,408 from holding Jiangxi Ganfeng Lithium or generate 54.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Ganfeng Lithium vs. Do Fluoride Chemicals Co
Performance |
| Timeline |
| Jiangxi Ganfeng Lithium |
| Do Fluoride Chemicals |
Jiangxi Ganfeng and Do Fluoride Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Ganfeng and Do Fluoride
The main advantage of trading using opposite Jiangxi Ganfeng and Do Fluoride positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Ganfeng position performs unexpectedly, Do Fluoride 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 Do Fluoride will offset losses from the drop in Do Fluoride's long position.| Jiangxi Ganfeng vs. Northking Information Technology | Jiangxi Ganfeng vs. Guangzhou KingTeller Technology | Jiangxi Ganfeng vs. Linewell Software Co | Jiangxi Ganfeng vs. Tianshui Huatian Technology |
| Do Fluoride vs. Shanghai Broadband Technology | Do Fluoride vs. Heilongjiang Transport Development | Do Fluoride vs. Silkroad Visual Technology | Do Fluoride vs. Hangzhou Weiguang Electronic |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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