Correlation Between Nanjing Putian and Jingjin Environmental
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nanjing Putian Telecommunications and Jingjin Environmental Protection, you can compare the effects of market volatilities on Nanjing Putian and Jingjin Environmental 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 Nanjing Putian with a short position of Jingjin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and Jingjin Environmental.
Diversification Opportunities for Nanjing Putian and Jingjin Environmental
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nanjing and Jingjin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati and Jingjin Environmental Protecti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jingjin Environmental and Nanjing Putian 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 Nanjing Putian Telecommunications are associated (or correlated) with Jingjin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jingjin Environmental has no effect on the direction of Nanjing Putian i.e., Nanjing Putian and Jingjin Environmental go up and down completely randomly.
Pair Corralation between Nanjing Putian and Jingjin Environmental
If you would invest (100.00) in Jingjin Environmental Protection on October 25, 2024 and sell it today you would earn a total of 100.00 from holding Jingjin Environmental Protection or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. Jingjin Environmental Protecti
Performance |
| Timeline |
| Nanjing Putian Telec |
| Jingjin Environmental |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nanjing Putian and Jingjin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and Jingjin Environmental
The main advantage of trading using opposite Nanjing Putian and Jingjin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian position performs unexpectedly, Jingjin Environmental 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 Jingjin Environmental will offset losses from the drop in Jingjin Environmental's long position.| Nanjing Putian vs. Kweichow Moutai Co | Nanjing Putian vs. NAURA Technology Group | Nanjing Putian vs. APT Medical | Nanjing Putian vs. BYD Co Ltd |
| Jingjin Environmental vs. China Everbright Bank | Jingjin Environmental vs. Peoples Insurance of | Jingjin Environmental vs. Everdisplay Optronics Shanghai | Jingjin Environmental vs. Panda Financial Holding |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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