Correlation Between SGSG Sciencetechnolog and Jiangxi Copper
Specify exactly 2 symbols:
By analyzing existing cross correlation between SGSG Sciencetechnology Co and Jiangxi Copper Co, you can compare the effects of market volatilities on SGSG Sciencetechnolog and Jiangxi Copper 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 SGSG Sciencetechnolog with a short position of Jiangxi Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of SGSG Sciencetechnolog and Jiangxi Copper.
Diversification Opportunities for SGSG Sciencetechnolog and Jiangxi Copper
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SGSG and Jiangxi is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding SGSG Sciencetechnology Co and Jiangxi Copper Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Copper and SGSG Sciencetechnolog 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 SGSG Sciencetechnology Co are associated (or correlated) with Jiangxi Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Copper has no effect on the direction of SGSG Sciencetechnolog i.e., SGSG Sciencetechnolog and Jiangxi Copper go up and down completely randomly.
Pair Corralation between SGSG Sciencetechnolog and Jiangxi Copper
Assuming the 90 days trading horizon SGSG Sciencetechnology Co is expected to generate 6.03 times more return on investment than Jiangxi Copper. However, SGSG Sciencetechnolog is 6.03 times more volatile than Jiangxi Copper Co. It trades about 0.08 of its potential returns per unit of risk. Jiangxi Copper Co is currently generating about 0.04 per unit of risk. If you would invest 5,259 in SGSG Sciencetechnology Co on October 23, 2024 and sell it today you would earn a total of 388.00 from holding SGSG Sciencetechnology Co or generate 7.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SGSG Sciencetechnology Co vs. Jiangxi Copper Co
Performance |
| Timeline |
| SGSG Sciencetechnology |
| Jiangxi Copper |
SGSG Sciencetechnolog and Jiangxi Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SGSG Sciencetechnolog and Jiangxi Copper
The main advantage of trading using opposite SGSG Sciencetechnolog and Jiangxi Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SGSG Sciencetechnolog position performs unexpectedly, Jiangxi Copper 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 Jiangxi Copper will offset losses from the drop in Jiangxi Copper's long position.The idea behind SGSG Sciencetechnology Co and Jiangxi Copper Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
| Jiangxi Copper vs. Zijin Mining Group | Jiangxi Copper vs. Wanhua Chemical Group | Jiangxi Copper vs. Baoshan Iron Steel | Jiangxi Copper vs. Shandong Gold Mining |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |