Correlation Between By Health and Jiangxi Ganfeng
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By analyzing existing cross correlation between By health and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on By Health and Jiangxi Ganfeng 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 By Health with a short position of Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Jiangxi Ganfeng.
Diversification Opportunities for By Health and Jiangxi Ganfeng
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 300146 and Jiangxi is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding By health and Jiangxi Ganfeng Lithium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Ganfeng Lithium and By Health 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 By health are associated (or correlated) with Jiangxi Ganfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Ganfeng Lithium has no effect on the direction of By Health i.e., By Health and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between By Health and Jiangxi Ganfeng
Assuming the 90 days trading horizon By health is expected to under-perform the Jiangxi Ganfeng. But the stock apears to be less risky and, when comparing its historical volatility, By health is 1.41 times less risky than Jiangxi Ganfeng. The stock trades about -0.05 of its potential returns per unit of risk. The Jiangxi Ganfeng Lithium is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 3,570 in Jiangxi Ganfeng Lithium on October 22, 2024 and sell it today you would lose (22.00) from holding Jiangxi Ganfeng Lithium or give up 0.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Jiangxi Ganfeng Lithium
Performance |
| Timeline |
| By health |
| Jiangxi Ganfeng Lithium |
By Health and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Jiangxi Ganfeng
The main advantage of trading using opposite By Health and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Jiangxi Ganfeng 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 Ganfeng will offset losses from the drop in Jiangxi Ganfeng's long position.| By Health vs. Wuhan Yangtze Communication | By Health vs. Longjian Road Bridge | By Health vs. Jilin Jlu Communication | By Health vs. Sichuan Fulin Transportation |
| Jiangxi Ganfeng vs. Chengtun Mining Group | Jiangxi Ganfeng vs. Guocheng Mining Co | Jiangxi Ganfeng vs. Qumei Furniture Group | Jiangxi Ganfeng vs. Guangzhou Haozhi 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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