Correlation Between Jiangxi Selon and Guangzhou KingTeller
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By analyzing existing cross correlation between Jiangxi Selon Industrial and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on Jiangxi Selon and Guangzhou KingTeller 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 Jiangxi Selon with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Selon and Guangzhou KingTeller.
Diversification Opportunities for Jiangxi Selon and Guangzhou KingTeller
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangxi and Guangzhou is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Selon Industrial and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and Jiangxi Selon 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 Jiangxi Selon Industrial are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of Jiangxi Selon i.e., Jiangxi Selon and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between Jiangxi Selon and Guangzhou KingTeller
Assuming the 90 days trading horizon Jiangxi Selon Industrial is expected to generate 0.44 times more return on investment than Guangzhou KingTeller. However, Jiangxi Selon Industrial is 2.28 times less risky than Guangzhou KingTeller. It trades about 0.07 of its potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about -0.28 per unit of risk. If you would invest 782.00 in Jiangxi Selon Industrial on October 15, 2024 and sell it today you would earn a total of 19.00 from holding Jiangxi Selon Industrial or generate 2.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Selon Industrial vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| Jiangxi Selon Industrial |
| Guangzhou KingTeller |
Jiangxi Selon and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Selon and Guangzhou KingTeller
The main advantage of trading using opposite Jiangxi Selon and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Selon position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| Jiangxi Selon vs. Zijin Mining Group | Jiangxi Selon vs. Wanhua Chemical Group | Jiangxi Selon vs. Baoshan Iron Steel | Jiangxi Selon vs. Rongsheng Petrochemical Co |
| Guangzhou KingTeller vs. ZYF Lopsking Aluminum | Guangzhou KingTeller vs. Telling Telecommunication Holding | Guangzhou KingTeller vs. Quectel Wireless Solutions | Guangzhou KingTeller vs. Aluminum Corp of |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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