Correlation Between Guangdong Silvere and Zhejiang JIULI
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By analyzing existing cross correlation between Guangdong Silvere Sci and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Guangdong Silvere and Zhejiang JIULI 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 Guangdong Silvere with a short position of Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Silvere and Zhejiang JIULI.
Diversification Opportunities for Guangdong Silvere and Zhejiang JIULI
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and Zhejiang is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Silvere Sci and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi and Guangdong Silvere 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 Guangdong Silvere Sci are associated (or correlated) with Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Guangdong Silvere i.e., Guangdong Silvere and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Guangdong Silvere and Zhejiang JIULI
Assuming the 90 days trading horizon Guangdong Silvere Sci is expected to generate 2.61 times more return on investment than Zhejiang JIULI. However, Guangdong Silvere is 2.61 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.22 of its potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about -0.03 per unit of risk. If you would invest 599.00 in Guangdong Silvere Sci on November 23, 2024 and sell it today you would earn a total of 153.00 from holding Guangdong Silvere Sci or generate 25.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Silvere Sci vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Guangdong Silvere Sci |
| Zhejiang JIULI Hi |
Guangdong Silvere and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Silvere and Zhejiang JIULI
The main advantage of trading using opposite Guangdong Silvere and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Silvere position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Guangdong Silvere vs. Yantai Changyu Pioneer | ||
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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