Correlation Between 37 Interactive and Shanghai Jin
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By analyzing existing cross correlation between 37 Interactive Entertainment and Shanghai Jin Jiang, you can compare the effects of market volatilities on 37 Interactive and Shanghai Jin 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 37 Interactive with a short position of Shanghai Jin. Check out your portfolio center. Please also check ongoing floating volatility patterns of 37 Interactive and Shanghai Jin.
Diversification Opportunities for 37 Interactive and Shanghai Jin
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 002555 and Shanghai is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding 37 Interactive Entertainment and Shanghai Jin Jiang in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jin Jiang and 37 Interactive 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 37 Interactive Entertainment are associated (or correlated) with Shanghai Jin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jin Jiang has no effect on the direction of 37 Interactive i.e., 37 Interactive and Shanghai Jin go up and down completely randomly.
Pair Corralation between 37 Interactive and Shanghai Jin
Assuming the 90 days trading horizon 37 Interactive Entertainment is expected to under-perform the Shanghai Jin. In addition to that, 37 Interactive is 1.5 times more volatile than Shanghai Jin Jiang. It trades about -0.01 of its total potential returns per unit of risk. Shanghai Jin Jiang is currently generating about 0.0 per unit of volatility. If you would invest 157.00 in Shanghai Jin Jiang on September 26, 2024 and sell it today you would lose (8.00) from holding Shanghai Jin Jiang or give up 5.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.66% |
| Values | Daily Returns |
37 Interactive Entertainment vs. Shanghai Jin Jiang
Performance |
| Timeline |
| 37 Interactive Enter |
| Shanghai Jin Jiang |
37 Interactive and Shanghai Jin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 37 Interactive and Shanghai Jin
The main advantage of trading using opposite 37 Interactive and Shanghai Jin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 37 Interactive position performs unexpectedly, Shanghai Jin 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 Shanghai Jin will offset losses from the drop in Shanghai Jin's long position.| 37 Interactive vs. China Life Insurance | 37 Interactive vs. Cinda Securities Co | 37 Interactive vs. Piotech Inc A | 37 Interactive vs. Dongxing Sec Co |
| Shanghai Jin vs. Bank of China | Shanghai Jin vs. Kweichow Moutai Co | Shanghai Jin vs. PetroChina Co Ltd | Shanghai Jin vs. Bank of Communications |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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