Correlation Between Guangzhou Jinyi and Keda Clean
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Jinyi Media and Keda Clean Energy, you can compare the effects of market volatilities on Guangzhou Jinyi and Keda Clean 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 Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Keda Clean.
Diversification Opportunities for Guangzhou Jinyi and Keda Clean
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Guangzhou and Keda is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy 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 Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Keda Clean go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Keda Clean
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to under-perform the Keda Clean. In addition to that, Guangzhou Jinyi is 3.43 times more volatile than Keda Clean Energy. It trades about -0.06 of its total potential returns per unit of risk. Keda Clean Energy is currently generating about -0.16 per unit of volatility. If you would invest 822.00 in Keda Clean Energy on November 24, 2024 and sell it today you would lose (31.00) from holding Keda Clean Energy or give up 3.77% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Guangzhou Jinyi Media vs. Keda Clean Energy
Performance |
Timeline |
Guangzhou Jinyi Media |
Keda Clean Energy |
Guangzhou Jinyi and Keda Clean Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guangzhou Jinyi and Keda Clean
The main advantage of trading using opposite Guangzhou Jinyi and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.Guangzhou Jinyi vs. Jiamei Food Packaging | ||
Guangzhou Jinyi vs. Tederic Machinery Co | ||
Guangzhou Jinyi vs. Nanxing Furniture Machinery | ||
Guangzhou Jinyi vs. Jinling Hotel Corp |
Keda Clean vs. Simei Media Co | ||
Keda Clean vs. Thinkingdom Media Group | ||
Keda Clean vs. Hua Hong Semiconductor | ||
Keda Clean vs. Zhangjiagang Freetrade Science |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |