Correlation Between Jilin Jlu and Shenzhen Noposion
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By analyzing existing cross correlation between Jilin Jlu Communication and Shenzhen Noposion Agrochemicals, you can compare the effects of market volatilities on Jilin Jlu and Shenzhen Noposion 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 Jilin Jlu with a short position of Shenzhen Noposion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and Shenzhen Noposion.
Diversification Opportunities for Jilin Jlu and Shenzhen Noposion
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jilin and Shenzhen is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication and Shenzhen Noposion Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Noposion and Jilin Jlu 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 Jilin Jlu Communication are associated (or correlated) with Shenzhen Noposion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Noposion has no effect on the direction of Jilin Jlu i.e., Jilin Jlu and Shenzhen Noposion go up and down completely randomly.
Pair Corralation between Jilin Jlu and Shenzhen Noposion
Assuming the 90 days trading horizon Jilin Jlu is expected to generate 2.53 times less return on investment than Shenzhen Noposion. In addition to that, Jilin Jlu is 1.21 times more volatile than Shenzhen Noposion Agrochemicals. It trades about 0.01 of its total potential returns per unit of risk. Shenzhen Noposion Agrochemicals is currently generating about 0.04 per unit of volatility. If you would invest 669.00 in Shenzhen Noposion Agrochemicals on November 2, 2024 and sell it today you would earn a total of 318.00 from holding Shenzhen Noposion Agrochemicals or generate 47.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Jlu Communication vs. Shenzhen Noposion Agrochemical
Performance |
| Timeline |
| Jilin Jlu Communication |
| Shenzhen Noposion |
Jilin Jlu and Shenzhen Noposion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Jlu and Shenzhen Noposion
The main advantage of trading using opposite Jilin Jlu and Shenzhen Noposion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu position performs unexpectedly, Shenzhen Noposion 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 Shenzhen Noposion will offset losses from the drop in Shenzhen Noposion's long position.| Jilin Jlu vs. Tonghua Grape Wine | Jilin Jlu vs. Zhongshan Public Utilities | Jilin Jlu vs. Southern PublishingMedia Co | Jilin Jlu vs. Northern United Publishing |
| Shenzhen Noposion vs. Zijin Mining Group | Shenzhen Noposion vs. Wanhua Chemical Group | Shenzhen Noposion vs. Baoshan Iron Steel | Shenzhen Noposion 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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