Correlation Between Jiangsu Hoperun and Zhejiang Daily
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By analyzing existing cross correlation between Jiangsu Hoperun Software and Zhejiang Daily Media, you can compare the effects of market volatilities on Jiangsu Hoperun and Zhejiang Daily 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 Jiangsu Hoperun with a short position of Zhejiang Daily. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Hoperun and Zhejiang Daily.
Diversification Opportunities for Jiangsu Hoperun and Zhejiang Daily
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Zhejiang is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Hoperun Software and Zhejiang Daily Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Daily Media and Jiangsu Hoperun 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 Jiangsu Hoperun Software are associated (or correlated) with Zhejiang Daily. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Daily Media has no effect on the direction of Jiangsu Hoperun i.e., Jiangsu Hoperun and Zhejiang Daily go up and down completely randomly.
Pair Corralation between Jiangsu Hoperun and Zhejiang Daily
Assuming the 90 days trading horizon Jiangsu Hoperun Software is expected to under-perform the Zhejiang Daily. In addition to that, Jiangsu Hoperun is 1.15 times more volatile than Zhejiang Daily Media. It trades about -0.5 of its total potential returns per unit of risk. Zhejiang Daily Media is currently generating about -0.46 per unit of volatility. If you would invest 1,155 in Zhejiang Daily Media on October 14, 2024 and sell it today you would lose (248.00) from holding Zhejiang Daily Media or give up 21.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Hoperun Software vs. Zhejiang Daily Media
Performance |
| Timeline |
| Jiangsu Hoperun Software |
| Zhejiang Daily Media |
Jiangsu Hoperun and Zhejiang Daily Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Hoperun and Zhejiang Daily
The main advantage of trading using opposite Jiangsu Hoperun and Zhejiang Daily positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Hoperun position performs unexpectedly, Zhejiang Daily 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 Daily will offset losses from the drop in Zhejiang Daily's long position.| Jiangsu Hoperun vs. Tianshui Huatian Technology | Jiangsu Hoperun vs. Digiwin Software Co | Jiangsu Hoperun vs. Bonree Data Technology | Jiangsu Hoperun vs. Emdoor Information Co |
| Zhejiang Daily vs. Jiangsu Hoperun Software | Zhejiang Daily vs. Hangzhou Pinming Software | Zhejiang Daily vs. Beijing Baolande Software | Zhejiang Daily vs. Telling Telecommunication Holding |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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