Correlation Between AVCON Information and Jiangsu Phoenix
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By analyzing existing cross correlation between AVCON Information Tech and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on AVCON Information and Jiangsu Phoenix 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 Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVCON Information and Jiangsu Phoenix.
Diversification Opportunities for AVCON Information and Jiangsu Phoenix
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AVCON and Jiangsu is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding AVCON Information Tech and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of AVCON Information i.e., AVCON Information and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between AVCON Information and Jiangsu Phoenix
Assuming the 90 days trading horizon AVCON Information is expected to generate 2.16 times less return on investment than Jiangsu Phoenix. In addition to that, AVCON Information is 1.39 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.01 of its total potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.04 per unit of volatility. If you would invest 745.00 in Jiangsu Phoenix Publishing on October 16, 2024 and sell it today you would earn a total of 280.00 from holding Jiangsu Phoenix Publishing or generate 37.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVCON Information Tech vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| AVCON Information Tech |
| Jiangsu Phoenix Publ |
AVCON Information and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVCON Information and Jiangsu Phoenix
The main advantage of trading using opposite AVCON Information and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVCON Information position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| AVCON Information vs. GRINM Semiconductor Materials | AVCON Information vs. Ye Chiu Metal | AVCON Information vs. Semiconductor Manufacturing Intl | AVCON Information vs. Shanghai V Test Semiconductor |
| Jiangsu Phoenix vs. AVCON Information Tech | Jiangsu Phoenix vs. Ningbo MedicalSystem Biotechnology | Jiangsu Phoenix vs. Zhongshan Public Utilities | Jiangsu Phoenix vs. Fujian Wanchen Biotechnology |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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