Correlation Between Shantou Wanshun and Jinsanjiang Silicon
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By analyzing existing cross correlation between Shantou Wanshun Package and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Shantou Wanshun and Jinsanjiang Silicon 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 Shantou Wanshun with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Jinsanjiang Silicon.
Diversification Opportunities for Shantou Wanshun and Jinsanjiang Silicon
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shantou and Jinsanjiang is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Shantou Wanshun 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 Shantou Wanshun Package are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Shantou Wanshun i.e., Shantou Wanshun and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Jinsanjiang Silicon
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to generate 0.87 times more return on investment than Jinsanjiang Silicon. However, Shantou Wanshun Package is 1.14 times less risky than Jinsanjiang Silicon. It trades about 0.06 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.05 per unit of risk. If you would invest 381.00 in Shantou Wanshun Package on October 18, 2024 and sell it today you would earn a total of 83.00 from holding Shantou Wanshun Package or generate 21.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantou Wanshun Package vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Shantou Wanshun Package |
| Jinsanjiang Silicon |
Shantou Wanshun and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Jinsanjiang Silicon
The main advantage of trading using opposite Shantou Wanshun and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Shantou Wanshun vs. China Mobile Limited | Shantou Wanshun vs. Tongyu Communication | Shantou Wanshun vs. Fibocom Wireless | Shantou Wanshun vs. Sinomach Automobile Co |
| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK Industrial |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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