Correlation Between 159681 and Jiangsu Yueda
Specify exactly 2 symbols:
By analyzing existing cross correlation between 159681 and Jiangsu Yueda Investment, you can compare the effects of market volatilities on 159681 and Jiangsu Yueda 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 159681 with a short position of Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159681 and Jiangsu Yueda.
Diversification Opportunities for 159681 and Jiangsu Yueda
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 159681 and Jiangsu is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding 159681 and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment and 159681 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 159681 are associated (or correlated) with Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of 159681 i.e., 159681 and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between 159681 and Jiangsu Yueda
Assuming the 90 days trading horizon 159681 is expected to under-perform the Jiangsu Yueda. In addition to that, 159681 is 1.65 times more volatile than Jiangsu Yueda Investment. It trades about 0.0 of its total potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.1 per unit of volatility. If you would invest 432.00 in Jiangsu Yueda Investment on August 31, 2024 and sell it today you would earn a total of 44.00 from holding Jiangsu Yueda Investment or generate 10.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 97.5% |
| Values | Daily Returns |
159681 vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| 159681 |
| Jiangsu Yueda Investment |
159681 and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159681 and Jiangsu Yueda
The main advantage of trading using opposite 159681 and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159681 position performs unexpectedly, Jiangsu Yueda 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 Yueda will offset losses from the drop in Jiangsu Yueda's long position.The idea behind 159681 and Jiangsu Yueda Investment pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Jiangsu Yueda vs. Cultural Investment Holdings | Jiangsu Yueda vs. Gome Telecom Equipment | Jiangsu Yueda vs. Bus Online Co | Jiangsu Yueda vs. Holitech Technology 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |