Correlation Between Beijing Enlight and Jiangxi Ganfeng
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By analyzing existing cross correlation between Beijing Enlight Media and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on Beijing Enlight 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 Beijing Enlight with a short position of Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and Jiangxi Ganfeng.
Diversification Opportunities for Beijing Enlight and Jiangxi Ganfeng
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Jiangxi is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media 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 Beijing Enlight 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 Beijing Enlight Media 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 Beijing Enlight i.e., Beijing Enlight and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between Beijing Enlight and Jiangxi Ganfeng
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 1.12 times more return on investment than Jiangxi Ganfeng. However, Beijing Enlight is 1.12 times more volatile than Jiangxi Ganfeng Lithium. It trades about 0.02 of its potential returns per unit of risk. Jiangxi Ganfeng Lithium is currently generating about -0.05 per unit of risk. If you would invest 833.00 in Beijing Enlight Media on October 16, 2024 and sell it today you would earn a total of 33.00 from holding Beijing Enlight Media or generate 3.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. Jiangxi Ganfeng Lithium
Performance |
| Timeline |
| Beijing Enlight Media |
| Jiangxi Ganfeng Lithium |
Beijing Enlight and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and Jiangxi Ganfeng
The main advantage of trading using opposite Beijing Enlight and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight 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.| Beijing Enlight vs. Beijing Sanyuan Foods | Beijing Enlight vs. HaiXin Foods Co | Beijing Enlight vs. Shanghai Newtouch Software | Beijing Enlight vs. Guangdong Wens Foodstuff |
| Jiangxi Ganfeng vs. JiShi Media Co | Jiangxi Ganfeng vs. Beijing Enlight Media | Jiangxi Ganfeng vs. Luyin Investment Group | Jiangxi Ganfeng vs. Changjiang Publishing Media |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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