Correlation Between Hubeiyichang Transportation and Jiangsu Broadcasting
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By analyzing existing cross correlation between Hubeiyichang Transportation Group and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Hubeiyichang Transportation and Jiangsu Broadcasting 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 Hubeiyichang Transportation with a short position of Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubeiyichang Transportation and Jiangsu Broadcasting.
Diversification Opportunities for Hubeiyichang Transportation and Jiangsu Broadcasting
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hubeiyichang and Jiangsu is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hubeiyichang Transportation Gr and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting and Hubeiyichang Transportation 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 Hubeiyichang Transportation Group are associated (or correlated) with Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Hubeiyichang Transportation i.e., Hubeiyichang Transportation and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Hubeiyichang Transportation and Jiangsu Broadcasting
Assuming the 90 days trading horizon Hubeiyichang Transportation Group is expected to generate 0.79 times more return on investment than Jiangsu Broadcasting. However, Hubeiyichang Transportation Group is 1.27 times less risky than Jiangsu Broadcasting. It trades about -0.05 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.08 per unit of risk. If you would invest 524.00 in Hubeiyichang Transportation Group on October 26, 2024 and sell it today you would lose (23.00) from holding Hubeiyichang Transportation Group or give up 4.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubeiyichang Transportation Gr vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Hubeiyichang Transportation |
| Jiangsu Broadcasting |
Hubeiyichang Transportation and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubeiyichang Transportation and Jiangsu Broadcasting
The main advantage of trading using opposite Hubeiyichang Transportation and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubeiyichang Transportation position performs unexpectedly, Jiangsu Broadcasting 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 Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Hubeiyichang Transportation vs. China Life Insurance | Hubeiyichang Transportation vs. Cinda Securities Co | Hubeiyichang Transportation vs. Piotech Inc A | Hubeiyichang Transportation vs. Dongxing Sec Co |
| Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. Industrial and Commercial | Jiangsu Broadcasting vs. Bank of China | Jiangsu Broadcasting vs. China Construction Bank |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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