Correlation Between Haoxiangni Jujube and Jizhong Energy
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Jizhong Energy Resources, you can compare the effects of market volatilities on Haoxiangni Jujube and Jizhong Energy 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 Haoxiangni Jujube with a short position of Jizhong Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Jizhong Energy.
Diversification Opportunities for Haoxiangni Jujube and Jizhong Energy
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Haoxiangni and Jizhong is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Jizhong Energy Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jizhong Energy Resources and Haoxiangni Jujube 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 Haoxiangni Jujube Co are associated (or correlated) with Jizhong Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jizhong Energy Resources has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Jizhong Energy go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Jizhong Energy
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 5.86 times more return on investment than Jizhong Energy. However, Haoxiangni Jujube is 5.86 times more volatile than Jizhong Energy Resources. It trades about 0.05 of its potential returns per unit of risk. Jizhong Energy Resources is currently generating about -0.15 per unit of risk. If you would invest 911.00 in Haoxiangni Jujube Co on November 3, 2024 and sell it today you would earn a total of 21.00 from holding Haoxiangni Jujube Co or generate 2.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Jizhong Energy Resources
Performance |
| Timeline |
| Haoxiangni Jujube |
| Jizhong Energy Resources |
Haoxiangni Jujube and Jizhong Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Jizhong Energy
The main advantage of trading using opposite Haoxiangni Jujube and Jizhong Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Jizhong Energy 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 Jizhong Energy will offset losses from the drop in Jizhong Energy's long position.| Haoxiangni Jujube vs. Jiangsu Phoenix Publishing | Haoxiangni Jujube vs. Zhejiang Publishing Media | Haoxiangni Jujube vs. Beijing Yanjing Brewery | Haoxiangni Jujube vs. Caihong Display Devices |
| Jizhong Energy vs. Qtone Education Group | Jizhong Energy vs. Southern PublishingMedia Co | Jizhong Energy vs. China Publishing Media | Jizhong Energy vs. CareRay Digital Medical |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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