Correlation Between Jiangsu Hoperun and GreenTech Environmental
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By analyzing existing cross correlation between Jiangsu Hoperun Software and GreenTech Environmental Co, you can compare the effects of market volatilities on Jiangsu Hoperun and GreenTech Environmental 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 GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Hoperun and GreenTech Environmental.
Diversification Opportunities for Jiangsu Hoperun and GreenTech Environmental
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and GreenTech is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Hoperun Software and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental 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 GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Jiangsu Hoperun i.e., Jiangsu Hoperun and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Jiangsu Hoperun and GreenTech Environmental
Assuming the 90 days trading horizon Jiangsu Hoperun Software is expected to generate 1.54 times more return on investment than GreenTech Environmental. However, Jiangsu Hoperun is 1.54 times more volatile than GreenTech Environmental Co. It trades about 0.08 of its potential returns per unit of risk. GreenTech Environmental Co is currently generating about 0.01 per unit of risk. If you would invest 2,360 in Jiangsu Hoperun Software on December 13, 2024 and sell it today you would earn a total of 3,373 from holding Jiangsu Hoperun Software or generate 142.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Hoperun Software vs. GreenTech Environmental Co
Performance |
| Timeline |
| Jiangsu Hoperun Software |
| GreenTech Environmental |
Jiangsu Hoperun and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Hoperun and GreenTech Environmental
The main advantage of trading using opposite Jiangsu Hoperun and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Hoperun position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental's long position.| Jiangsu Hoperun vs. Aurora Optoelectronics Co | ||
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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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