Correlation Between 159681 and Jiangsu Phoenix
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By analyzing existing cross correlation between 159681 and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on 159681 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 159681 with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159681 and Jiangsu Phoenix.
Diversification Opportunities for 159681 and Jiangsu Phoenix
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 159681 and Jiangsu is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding 159681 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 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 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 159681 i.e., 159681 and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between 159681 and Jiangsu Phoenix
Assuming the 90 days trading horizon 159681 is expected to under-perform the Jiangsu Phoenix. In addition to that, 159681 is 1.13 times more volatile than Jiangsu Phoenix Publishing. It trades about -0.09 of its total potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.11 per unit of volatility. If you would invest 1,063 in Jiangsu Phoenix Publishing on September 12, 2024 and sell it today you would earn a total of 49.00 from holding Jiangsu Phoenix Publishing or generate 4.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
159681 vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| 159681 |
| Jiangsu Phoenix Publ |
159681 and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159681 and Jiangsu Phoenix
The main advantage of trading using opposite 159681 and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159681 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.The idea behind 159681 and Jiangsu Phoenix Publishing 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 Phoenix vs. Kweichow Moutai Co | Jiangsu Phoenix vs. Shenzhen Mindray Bio Medical | Jiangsu Phoenix vs. G bits Network Technology | Jiangsu Phoenix vs. Beijing Roborock Technology |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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