Correlation Between Jiangsu Hoperun and Gem Year
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By analyzing existing cross correlation between Jiangsu Hoperun Software and Gem Year Industrial Co, you can compare the effects of market volatilities on Jiangsu Hoperun and Gem Year 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 Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Hoperun and Gem Year.
Diversification Opportunities for Jiangsu Hoperun and Gem Year
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jiangsu and Gem is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Hoperun Software and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial 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 Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Jiangsu Hoperun i.e., Jiangsu Hoperun and Gem Year go up and down completely randomly.
Pair Corralation between Jiangsu Hoperun and Gem Year
Assuming the 90 days trading horizon Jiangsu Hoperun Software is expected to under-perform the Gem Year. In addition to that, Jiangsu Hoperun is 1.22 times more volatile than Gem Year Industrial Co. It trades about -0.4 of its total potential returns per unit of risk. Gem Year Industrial Co is currently generating about -0.23 per unit of volatility. If you would invest 471.00 in Gem Year Industrial Co on October 16, 2024 and sell it today you would lose (51.00) from holding Gem Year Industrial Co or give up 10.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Hoperun Software vs. Gem Year Industrial Co
Performance |
| Timeline |
| Jiangsu Hoperun Software |
| Gem Year Industrial |
Jiangsu Hoperun and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Hoperun and Gem Year
The main advantage of trading using opposite Jiangsu Hoperun and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Hoperun position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.| Jiangsu Hoperun vs. Xinya Electronic Co | Jiangsu Hoperun vs. Leyard Optoelectronic | Jiangsu Hoperun vs. Cicc Fund Management | Jiangsu Hoperun vs. Lootom Telcovideo Network |
| Gem Year vs. Unisplendour Corp | Gem Year vs. Financial Street Holdings | Gem Year vs. Tongyu Communication | Gem Year vs. Ningbo Tech Bank Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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