Correlation Between Impulse Qingdao and Jiangsu Phoenix
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By analyzing existing cross correlation between Impulse Qingdao Health and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Impulse Qingdao 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 Impulse Qingdao with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Jiangsu Phoenix.
Diversification Opportunities for Impulse Qingdao and Jiangsu Phoenix
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Impulse and Jiangsu is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health 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 Impulse Qingdao 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 Impulse Qingdao Health 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 Impulse Qingdao i.e., Impulse Qingdao and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Jiangsu Phoenix
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 1.96 times more return on investment than Jiangsu Phoenix. However, Impulse Qingdao is 1.96 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.07 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about -0.13 per unit of risk. If you would invest 1,912 in Impulse Qingdao Health on September 3, 2024 and sell it today you would earn a total of 167.00 from holding Impulse Qingdao Health or generate 8.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Impulse Qingdao Health |
| Jiangsu Phoenix Publ |
Impulse Qingdao and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Jiangsu Phoenix
The main advantage of trading using opposite Impulse Qingdao and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao 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.| Impulse Qingdao vs. PetroChina Co Ltd | Impulse Qingdao vs. China Mobile Limited | Impulse Qingdao vs. Industrial and Commercial | Impulse Qingdao vs. China Life Insurance |
| Jiangsu Phoenix vs. China Railway Materials | Jiangsu Phoenix vs. Eastroc Beverage Group | Jiangsu Phoenix vs. Jiangnan Mould Plastic | Jiangsu Phoenix vs. Ligao Foods CoLtd |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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