Correlation Between Jiangsu Xinning and FSPG Hi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinning Modern and FSPG Hi Tech Co, you can compare the effects of market volatilities on Jiangsu Xinning and FSPG Hi 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 Jiangsu Xinning with a short position of FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinning and FSPG Hi.
Diversification Opportunities for Jiangsu Xinning and FSPG Hi
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and FSPG is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinning Modern and FSPG Hi Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FSPG Hi Tech and Jiangsu Xinning 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 Jiangsu Xinning Modern are associated (or correlated) with FSPG Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FSPG Hi Tech has no effect on the direction of Jiangsu Xinning i.e., Jiangsu Xinning and FSPG Hi go up and down completely randomly.
Pair Corralation between Jiangsu Xinning and FSPG Hi
Assuming the 90 days trading horizon Jiangsu Xinning is expected to generate 4.31 times less return on investment than FSPG Hi. In addition to that, Jiangsu Xinning is 1.63 times more volatile than FSPG Hi Tech Co. It trades about 0.01 of its total potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.05 per unit of volatility. If you would invest 428.00 in FSPG Hi Tech Co on September 12, 2024 and sell it today you would earn a total of 257.00 from holding FSPG Hi Tech Co or generate 60.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jiangsu Xinning Modern vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Jiangsu Xinning Modern |
| FSPG Hi Tech |
Jiangsu Xinning and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinning and FSPG Hi
The main advantage of trading using opposite Jiangsu Xinning and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinning position performs unexpectedly, FSPG Hi 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 FSPG Hi will offset losses from the drop in FSPG Hi's long position.| Jiangsu Xinning vs. Tongyu Communication | Jiangsu Xinning vs. China Satellite Communications | Jiangsu Xinning vs. Guangxi Wuzhou Communications | Jiangsu Xinning vs. Shandong Mining Machinery |
| FSPG Hi vs. Zijin Mining Group | FSPG Hi vs. Wanhua Chemical Group | FSPG Hi vs. Baoshan Iron Steel | FSPG Hi vs. Rongsheng Petrochemical 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| 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 | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |