Correlation Between Guangzhou Jinyi and Sharetronic Data
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By analyzing existing cross correlation between Guangzhou Jinyi Media and Sharetronic Data Technology, you can compare the effects of market volatilities on Guangzhou Jinyi and Sharetronic Data 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 Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Sharetronic Data.
Diversification Opportunities for Guangzhou Jinyi and Sharetronic Data
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangzhou and Sharetronic is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec 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 Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Sharetronic Data go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Sharetronic Data
Assuming the 90 days trading horizon Guangzhou Jinyi is expected to generate 6.54 times less return on investment than Sharetronic Data. But when comparing it to its historical volatility, Guangzhou Jinyi Media is 1.05 times less risky than Sharetronic Data. It trades about 0.02 of its potential returns per unit of risk. Sharetronic Data Technology is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 8,332 in Sharetronic Data Technology on October 16, 2024 and sell it today you would earn a total of 1,939 from holding Sharetronic Data Technology or generate 23.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. Sharetronic Data Technology
Performance |
| Timeline |
| Guangzhou Jinyi Media |
| Sharetronic Data Tec |
Guangzhou Jinyi and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jinyi and Sharetronic Data
The main advantage of trading using opposite Guangzhou Jinyi and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Guangzhou Jinyi vs. Jinling Hotel Corp | Guangzhou Jinyi vs. BTG Hotels Group | Guangzhou Jinyi vs. Jiangsu Yanghe Brewery | Guangzhou Jinyi vs. Financial Street Holdings |
| Sharetronic Data vs. China Eastern Airlines | Sharetronic Data vs. Ziel Home Furnishing | Sharetronic Data vs. Guangzhou Jinyi Media | Sharetronic Data vs. Mango Excellent Media |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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