Correlation Between Shenyang Blue and Jiangsu Phoenix
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By analyzing existing cross correlation between Shenyang Blue Silver and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Shenyang Blue 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 Shenyang Blue with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Jiangsu Phoenix.
Diversification Opportunities for Shenyang Blue and Jiangsu Phoenix
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shenyang and Jiangsu is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver 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 Shenyang Blue 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 Shenyang Blue Silver 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 Shenyang Blue i.e., Shenyang Blue and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Shenyang Blue and Jiangsu Phoenix
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to under-perform the Jiangsu Phoenix. In addition to that, Shenyang Blue is 1.74 times more volatile than Jiangsu Phoenix Publishing. It trades about -0.34 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 1,063 in Jiangsu Phoenix Publishing on October 11, 2024 and sell it today you would earn a total of 27.00 from holding Jiangsu Phoenix Publishing or generate 2.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Shenyang Blue Silver |
| Jiangsu Phoenix Publ |
Shenyang Blue and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and Jiangsu Phoenix
The main advantage of trading using opposite Shenyang Blue and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue 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.| Shenyang Blue vs. Xiangyang Automobile Bearing | Shenyang Blue vs. Ningbo Fangzheng Automobile | Shenyang Blue vs. Quectel Wireless Solutions | Shenyang Blue vs. Ningbo Homelink Eco iTech |
| Jiangsu Phoenix vs. Eastroc Beverage Group | Jiangsu Phoenix vs. Shenyang Blue Silver | Jiangsu Phoenix vs. Fujian Oriental Silver | Jiangsu Phoenix vs. Beijing Yanjing Brewery |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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