Correlation Between AVCON Information and Jiangsu Xinning
Specify exactly 2 symbols:
By analyzing existing cross correlation between AVCON Information Tech and Jiangsu Xinning Modern, you can compare the effects of market volatilities on AVCON Information and Jiangsu Xinning 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 AVCON Information with a short position of Jiangsu Xinning. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVCON Information and Jiangsu Xinning.
Diversification Opportunities for AVCON Information and Jiangsu Xinning
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between AVCON and Jiangsu is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding AVCON Information Tech and Jiangsu Xinning Modern in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinning Modern and AVCON Information 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 AVCON Information Tech are associated (or correlated) with Jiangsu Xinning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinning Modern has no effect on the direction of AVCON Information i.e., AVCON Information and Jiangsu Xinning go up and down completely randomly.
Pair Corralation between AVCON Information and Jiangsu Xinning
Assuming the 90 days trading horizon AVCON Information Tech is expected to generate 0.85 times more return on investment than Jiangsu Xinning. However, AVCON Information Tech is 1.17 times less risky than Jiangsu Xinning. It trades about -0.19 of its potential returns per unit of risk. Jiangsu Xinning Modern is currently generating about -0.17 per unit of risk. If you would invest 441.00 in AVCON Information Tech on October 22, 2024 and sell it today you would lose (55.00) from holding AVCON Information Tech or give up 12.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
AVCON Information Tech vs. Jiangsu Xinning Modern
Performance |
| Timeline |
| AVCON Information Tech |
| Jiangsu Xinning Modern |
AVCON Information and Jiangsu Xinning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVCON Information and Jiangsu Xinning
The main advantage of trading using opposite AVCON Information and Jiangsu Xinning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVCON Information position performs unexpectedly, Jiangsu Xinning 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 Jiangsu Xinning will offset losses from the drop in Jiangsu Xinning's long position.| AVCON Information vs. Hubei Yingtong Telecommunication | AVCON Information vs. Youngy Health Co | AVCON Information vs. Anhui Huaren Health | AVCON Information vs. Mingchen Health Co |
| Jiangsu Xinning vs. Fuda Alloy Materials | Jiangsu Xinning vs. Shuhua Sports Co | Jiangsu Xinning vs. Beijing Enlight Media | Jiangsu Xinning vs. China Building Material |
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.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |