Correlation Between Malion New and Jinsanjiang Silicon
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By analyzing existing cross correlation between Malion New Materials and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Malion New and Jinsanjiang Silicon 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 Malion New with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Jinsanjiang Silicon.
Diversification Opportunities for Malion New and Jinsanjiang Silicon
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Malion and Jinsanjiang is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Malion New 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 Malion New Materials are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Malion New i.e., Malion New and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Malion New and Jinsanjiang Silicon
Assuming the 90 days trading horizon Malion New Materials is expected to under-perform the Jinsanjiang Silicon. But the stock apears to be less risky and, when comparing its historical volatility, Malion New Materials is 1.09 times less risky than Jinsanjiang Silicon. The stock trades about -0.03 of its potential returns per unit of risk. The Jinsanjiang Silicon Material is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,278 in Jinsanjiang Silicon Material on October 15, 2024 and sell it today you would lose (297.00) from holding Jinsanjiang Silicon Material or give up 23.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Malion New Materials |
| Jinsanjiang Silicon |
Malion New and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Jinsanjiang Silicon
The main advantage of trading using opposite Malion New and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Malion New vs. Anshan Senyuan Road | Malion New vs. Citic Offshore Helicopter | Malion New vs. CSSC Offshore Marine | Malion New vs. Zhongshan Broad Ocean Motor |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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