Correlation Between Guangzhou Zhujiang and Jiangsu Phoenix
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Zhujiang Brewery and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Guangzhou Zhujiang and Jiangsu Phoenix 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 Guangzhou Zhujiang with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Zhujiang and Jiangsu Phoenix.
Diversification Opportunities for Guangzhou Zhujiang and Jiangsu Phoenix
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guangzhou and Jiangsu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Zhujiang Brewery and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ and Guangzhou Zhujiang 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 Guangzhou Zhujiang Brewery are associated (or correlated) with Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Guangzhou Zhujiang i.e., Guangzhou Zhujiang and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Guangzhou Zhujiang and Jiangsu Phoenix
Assuming the 90 days trading horizon Guangzhou Zhujiang Brewery is expected to generate 0.88 times more return on investment than Jiangsu Phoenix. However, Guangzhou Zhujiang Brewery is 1.13 times less risky than Jiangsu Phoenix. It trades about 0.25 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.13 per unit of risk. If you would invest 893.00 in Guangzhou Zhujiang Brewery on September 15, 2024 and sell it today you would earn a total of 80.00 from holding Guangzhou Zhujiang Brewery or generate 8.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Zhujiang Brewery vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Guangzhou Zhujiang |
| Jiangsu Phoenix Publ |
Guangzhou Zhujiang and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Zhujiang and Jiangsu Phoenix
The main advantage of trading using opposite Guangzhou Zhujiang and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Zhujiang position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| Guangzhou Zhujiang vs. Jiujiang Shanshui Technology | Guangzhou Zhujiang vs. Anhui Jianghuai Automobile | Guangzhou Zhujiang vs. Bus Online Co | Guangzhou Zhujiang vs. Western Superconducting Tech |
| Jiangsu Phoenix vs. Guangzhou Zhujiang Brewery | Jiangsu Phoenix vs. Shenzhen Kexin Communication | Jiangsu Phoenix vs. Ningbo Ligong Online | Jiangsu Phoenix vs. Railway Signal Communication |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |