Correlation Between Yunnan Chuangxin and Shanghai Jin
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By analyzing existing cross correlation between Yunnan Chuangxin New and Shanghai Jin Jiang, you can compare the effects of market volatilities on Yunnan Chuangxin and Shanghai Jin 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 Yunnan Chuangxin with a short position of Shanghai Jin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Chuangxin and Shanghai Jin.
Diversification Opportunities for Yunnan Chuangxin and Shanghai Jin
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yunnan and Shanghai is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Chuangxin New and Shanghai Jin Jiang in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jin Jiang and Yunnan Chuangxin 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 Yunnan Chuangxin New are associated (or correlated) with Shanghai Jin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jin Jiang has no effect on the direction of Yunnan Chuangxin i.e., Yunnan Chuangxin and Shanghai Jin go up and down completely randomly.
Pair Corralation between Yunnan Chuangxin and Shanghai Jin
Assuming the 90 days trading horizon Yunnan Chuangxin New is expected to under-perform the Shanghai Jin. In addition to that, Yunnan Chuangxin is 2.75 times more volatile than Shanghai Jin Jiang. It trades about -0.06 of its total potential returns per unit of risk. Shanghai Jin Jiang is currently generating about -0.03 per unit of volatility. If you would invest 151.00 in Shanghai Jin Jiang on October 14, 2024 and sell it today you would lose (4.00) from holding Shanghai Jin Jiang or give up 2.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Chuangxin New vs. Shanghai Jin Jiang
Performance |
| Timeline |
| Yunnan Chuangxin New |
| Shanghai Jin Jiang |
Yunnan Chuangxin and Shanghai Jin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Chuangxin and Shanghai Jin
The main advantage of trading using opposite Yunnan Chuangxin and Shanghai Jin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Chuangxin position performs unexpectedly, Shanghai Jin 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 Shanghai Jin will offset losses from the drop in Shanghai Jin's long position.| Yunnan Chuangxin vs. Pengxin International Mining | Yunnan Chuangxin vs. Zhengzhou Coal Mining | Yunnan Chuangxin vs. Xinhua Winshare Publishing | Yunnan Chuangxin vs. Changjiang Publishing Media |
| Shanghai Jin vs. State Grid InformationCommunication | Shanghai Jin vs. Songz Automobile Air | Shanghai Jin vs. Guangzhou Automobile Group | Shanghai Jin vs. CIMC Vehicles Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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