Correlation Between Gifore Agricultural and Jiangxi Selon
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By analyzing existing cross correlation between Gifore Agricultural Machinery and Jiangxi Selon Industrial, you can compare the effects of market volatilities on Gifore Agricultural and Jiangxi Selon 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 Gifore Agricultural with a short position of Jiangxi Selon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and Jiangxi Selon.
Diversification Opportunities for Gifore Agricultural and Jiangxi Selon
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gifore and Jiangxi is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery and Jiangxi Selon Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Selon Industrial and Gifore Agricultural 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 Gifore Agricultural Machinery are associated (or correlated) with Jiangxi Selon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Selon Industrial has no effect on the direction of Gifore Agricultural i.e., Gifore Agricultural and Jiangxi Selon go up and down completely randomly.
Pair Corralation between Gifore Agricultural and Jiangxi Selon
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to under-perform the Jiangxi Selon. In addition to that, Gifore Agricultural is 1.78 times more volatile than Jiangxi Selon Industrial. It trades about -0.06 of its total potential returns per unit of risk. Jiangxi Selon Industrial is currently generating about -0.11 per unit of volatility. If you would invest 795.00 in Jiangxi Selon Industrial on November 3, 2024 and sell it today you would lose (39.00) from holding Jiangxi Selon Industrial or give up 4.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. Jiangxi Selon Industrial
Performance |
| Timeline |
| Gifore Agricultural |
| Jiangxi Selon Industrial |
Gifore Agricultural and Jiangxi Selon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and Jiangxi Selon
The main advantage of trading using opposite Gifore Agricultural and Jiangxi Selon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural position performs unexpectedly, Jiangxi Selon 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 Jiangxi Selon will offset losses from the drop in Jiangxi Selon's long position.| Gifore Agricultural vs. Henan Shuanghui Investment | Gifore Agricultural vs. Shenzhen Centralcon Investment | Gifore Agricultural vs. China Asset Management | Gifore Agricultural vs. Dr Peng Telecom |
| Jiangxi Selon vs. Nantong Haixing Electronics | Jiangxi Selon vs. Double Medical Technology | Jiangxi Selon vs. Weihai Honglin Electronic | Jiangxi Selon vs. Guangdong Transtek Medical |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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