Correlation Between Jiangxi Selon and Yifeng Pharmacy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangxi Selon Industrial and Yifeng Pharmacy, you can compare the effects of market volatilities on Jiangxi Selon and Yifeng Pharmacy 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 Yifeng Pharmacy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Selon and Yifeng Pharmacy.
Diversification Opportunities for Jiangxi Selon and Yifeng Pharmacy
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangxi and Yifeng is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Selon Industrial and Yifeng Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yifeng Pharmacy 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 Yifeng Pharmacy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yifeng Pharmacy has no effect on the direction of Jiangxi Selon i.e., Jiangxi Selon and Yifeng Pharmacy go up and down completely randomly.
Pair Corralation between Jiangxi Selon and Yifeng Pharmacy
Assuming the 90 days trading horizon Jiangxi Selon Industrial is expected to generate 1.21 times more return on investment than Yifeng Pharmacy. However, Jiangxi Selon is 1.21 times more volatile than Yifeng Pharmacy. It trades about 0.32 of its potential returns per unit of risk. Yifeng Pharmacy is currently generating about -0.21 per unit of risk. If you would invest 685.00 in Jiangxi Selon Industrial on September 13, 2024 and sell it today you would earn a total of 114.00 from holding Jiangxi Selon Industrial or generate 16.64% 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. Yifeng Pharmacy
Performance |
| Timeline |
| Jiangxi Selon Industrial |
| Yifeng Pharmacy |
Jiangxi Selon and Yifeng Pharmacy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Selon and Yifeng Pharmacy
The main advantage of trading using opposite Jiangxi Selon and Yifeng Pharmacy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Selon position performs unexpectedly, Yifeng Pharmacy 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 Yifeng Pharmacy will offset losses from the drop in Yifeng Pharmacy'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 |
| Yifeng Pharmacy vs. China Construction Bank | Yifeng Pharmacy vs. Ping An Insurance | Yifeng Pharmacy vs. LianChuang Electronic Technology | Yifeng Pharmacy vs. YiDong Electronics 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |