Correlation Between Jiangsu Xinning and Zhuhai Comleader
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By analyzing existing cross correlation between Jiangsu Xinning Modern and Zhuhai Comleader Information, you can compare the effects of market volatilities on Jiangsu Xinning and Zhuhai Comleader 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 Zhuhai Comleader. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinning and Zhuhai Comleader.
Diversification Opportunities for Jiangsu Xinning and Zhuhai Comleader
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Zhuhai is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinning Modern and Zhuhai Comleader Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuhai Comleader Inf 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 Zhuhai Comleader. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuhai Comleader Inf has no effect on the direction of Jiangsu Xinning i.e., Jiangsu Xinning and Zhuhai Comleader go up and down completely randomly.
Pair Corralation between Jiangsu Xinning and Zhuhai Comleader
Assuming the 90 days trading horizon Jiangsu Xinning Modern is expected to generate 1.04 times more return on investment than Zhuhai Comleader. However, Jiangsu Xinning is 1.04 times more volatile than Zhuhai Comleader Information. It trades about 0.26 of its potential returns per unit of risk. Zhuhai Comleader Information is currently generating about -0.01 per unit of risk. If you would invest 325.00 in Jiangsu Xinning Modern on August 28, 2024 and sell it today you would earn a total of 81.00 from holding Jiangsu Xinning Modern or generate 24.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinning Modern vs. Zhuhai Comleader Information
Performance |
| Timeline |
| Jiangsu Xinning Modern |
| Zhuhai Comleader Inf |
Jiangsu Xinning and Zhuhai Comleader Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinning and Zhuhai Comleader
The main advantage of trading using opposite Jiangsu Xinning and Zhuhai Comleader positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinning position performs unexpectedly, Zhuhai Comleader 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 Zhuhai Comleader will offset losses from the drop in Zhuhai Comleader's long position.| Jiangsu Xinning vs. North Huajin Chemical | Jiangsu Xinning vs. Miracll Chemicals Co | Jiangsu Xinning vs. Shandong Ruifeng Chemical | Jiangsu Xinning vs. Guangzhou Jointas Chemical |
| Zhuhai Comleader vs. Telling Telecommunication Holding | Zhuhai Comleader vs. Gan Yuan Foods | Zhuhai Comleader vs. Sunwave Communications Co | Zhuhai Comleader vs. CICT Mobile Communication |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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