Correlation Between Guangzhou Jinyi and Guangdong Jingyi
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By analyzing existing cross correlation between Guangzhou Jinyi Media and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Guangzhou Jinyi and Guangdong Jingyi 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 Guangzhou Jinyi with a short position of Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Guangdong Jingyi.
Diversification Opportunities for Guangzhou Jinyi and Guangdong Jingyi
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangzhou and Guangdong is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal and Guangzhou Jinyi 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 Guangzhou Jinyi Media are associated (or correlated) with Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Guangdong Jingyi
Assuming the 90 days trading horizon Guangzhou Jinyi is expected to generate 8.58 times less return on investment than Guangdong Jingyi. In addition to that, Guangzhou Jinyi is 1.22 times more volatile than Guangdong Jingyi Metal. It trades about 0.0 of its total potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.02 per unit of volatility. If you would invest 681.00 in Guangdong Jingyi Metal on September 26, 2024 and sell it today you would earn a total of 15.00 from holding Guangdong Jingyi Metal or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Guangzhou Jinyi Media |
| Guangdong Jingyi Metal |
Guangzhou Jinyi and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jinyi and Guangdong Jingyi
The main advantage of trading using opposite Guangzhou Jinyi and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Guangzhou Jinyi vs. Huaxia Fund Management | Guangzhou Jinyi vs. Bomin Electronics Co | Guangzhou Jinyi vs. Shijiazhuang Tonhe Electronics | Guangzhou Jinyi vs. Leaguer Shenzhen MicroElectronics |
| Guangdong Jingyi vs. Guangzhou Jinyi Media | Guangdong Jingyi vs. Heilongjiang Publishing Media | Guangdong Jingyi vs. Dook Media Group | Guangdong Jingyi vs. GRIPM Advanced Materials |
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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