Correlation Between Jiangsu Hoperun and Shandong Publishing
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By analyzing existing cross correlation between Jiangsu Hoperun Software and Shandong Publishing Media, you can compare the effects of market volatilities on Jiangsu Hoperun and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Hoperun and Shandong Publishing.
Diversification Opportunities for Jiangsu Hoperun and Shandong Publishing
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Shandong is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Hoperun Software and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Jiangsu Hoperun i.e., Jiangsu Hoperun and Shandong Publishing go up and down completely randomly.
Pair Corralation between Jiangsu Hoperun and Shandong Publishing
Assuming the 90 days trading horizon Jiangsu Hoperun Software is expected to under-perform the Shandong Publishing. In addition to that, Jiangsu Hoperun is 1.24 times more volatile than Shandong Publishing Media. It trades about -0.54 of its total potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.27 per unit of volatility. If you would invest 1,156 in Shandong Publishing Media on October 13, 2024 and sell it today you would lose (146.00) from holding Shandong Publishing Media or give up 12.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Hoperun Software vs. Shandong Publishing Media
Performance |
| Timeline |
| Jiangsu Hoperun Software |
| Shandong Publishing Media |
Jiangsu Hoperun and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Hoperun and Shandong Publishing
The main advantage of trading using opposite Jiangsu Hoperun and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Hoperun position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Jiangsu Hoperun vs. Dongfeng Automobile Co | Jiangsu Hoperun vs. Sinocat Environmental Technology | Jiangsu Hoperun vs. Shenzhen MYS Environmental | Jiangsu Hoperun vs. Sinomach Automobile Co |
| Shandong Publishing vs. China National Software | Shandong Publishing vs. Runjian Communication Co | Shandong Publishing vs. Guotai Epoint Software | Shandong Publishing vs. Jiangsu Hoperun Software |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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