Correlation Between Beijing Kaiwen and Jiangsu Phoenix
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By analyzing existing cross correlation between Beijing Kaiwen Education and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Beijing Kaiwen 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 Beijing Kaiwen with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and Jiangsu Phoenix.
Diversification Opportunities for Beijing Kaiwen and Jiangsu Phoenix
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Jiangsu is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education 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 Beijing Kaiwen 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 Beijing Kaiwen Education 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 Beijing Kaiwen i.e., Beijing Kaiwen and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and Jiangsu Phoenix
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to generate 2.15 times more return on investment than Jiangsu Phoenix. However, Beijing Kaiwen is 2.15 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.09 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.15 per unit of risk. If you would invest 530.00 in Beijing Kaiwen Education on September 12, 2024 and sell it today you would earn a total of 39.00 from holding Beijing Kaiwen Education or generate 7.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Beijing Kaiwen Education |
| Jiangsu Phoenix Publ |
Beijing Kaiwen and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and Jiangsu Phoenix
The main advantage of trading using opposite Beijing Kaiwen and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen 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.| Beijing Kaiwen vs. Agricultural Bank of | Beijing Kaiwen vs. Industrial and Commercial | Beijing Kaiwen vs. Bank of China | Beijing Kaiwen vs. PetroChina Co Ltd |
| Jiangsu Phoenix vs. Kweichow Moutai Co | Jiangsu Phoenix vs. Shenzhen Mindray Bio Medical | Jiangsu Phoenix vs. G bits Network Technology | Jiangsu Phoenix vs. Beijing Roborock Technology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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