Correlation Between Jiangxi Selon and Ye Chiu
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By analyzing existing cross correlation between Jiangxi Selon Industrial and Ye Chiu Metal, you can compare the effects of market volatilities on Jiangxi Selon and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Selon and Ye Chiu.
Diversification Opportunities for Jiangxi Selon and Ye Chiu
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangxi and 601388 is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Selon Industrial and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Jiangxi Selon i.e., Jiangxi Selon and Ye Chiu go up and down completely randomly.
Pair Corralation between Jiangxi Selon and Ye Chiu
Assuming the 90 days trading horizon Jiangxi Selon is expected to generate 4.43 times less return on investment than Ye Chiu. In addition to that, Jiangxi Selon is 1.28 times more volatile than Ye Chiu Metal. It trades about 0.0 of its total potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.01 per unit of volatility. If you would invest 323.00 in Ye Chiu Metal on September 13, 2024 and sell it today you would lose (23.00) from holding Ye Chiu Metal or give up 7.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Selon Industrial vs. Ye Chiu Metal
Performance |
| Timeline |
| Jiangxi Selon Industrial |
| Ye Chiu Metal |
Jiangxi Selon and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Selon and Ye Chiu
The main advantage of trading using opposite Jiangxi Selon and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Selon position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| Jiangxi Selon vs. Zijin Mining Group | Jiangxi Selon vs. Wanhua Chemical Group | Jiangxi Selon vs. Baoshan Iron Steel | Jiangxi Selon vs. Shandong Gold Mining |
| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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