Correlation Between Jiangsu Jiejie and Shenzhen MYS
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By analyzing existing cross correlation between Jiangsu Jiejie Microelectronics and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Jiangsu Jiejie and Shenzhen MYS 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 Jiejie with a short position of Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jiejie and Shenzhen MYS.
Diversification Opportunities for Jiangsu Jiejie and Shenzhen MYS
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Shenzhen is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jiejie Microelectronic and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ and Jiangsu Jiejie 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 Jiejie Microelectronics are associated (or correlated) with Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Jiangsu Jiejie i.e., Jiangsu Jiejie and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Jiangsu Jiejie and Shenzhen MYS
Assuming the 90 days trading horizon Jiangsu Jiejie Microelectronics is expected to generate 2.3 times more return on investment than Shenzhen MYS. However, Jiangsu Jiejie is 2.3 times more volatile than Shenzhen MYS Environmental. It trades about 0.17 of its potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about 0.01 per unit of risk. If you would invest 3,321 in Jiangsu Jiejie Microelectronics on November 29, 2024 and sell it today you would earn a total of 323.00 from holding Jiangsu Jiejie Microelectronics or generate 9.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jiejie Microelectronic vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Jiangsu Jiejie Micro |
| Shenzhen MYS Environ |
Jiangsu Jiejie and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jiejie and Shenzhen MYS
The main advantage of trading using opposite Jiangsu Jiejie and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jiejie position performs unexpectedly, Shenzhen MYS 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 MYS will offset losses from the drop in Shenzhen MYS's long position.| Jiangsu Jiejie vs. Industrial and Commercial | Jiangsu Jiejie vs. Kweichow Moutai Co | Jiangsu Jiejie vs. Agricultural Bank of | Jiangsu Jiejie vs. China Mobile Limited |
| Shenzhen MYS vs. Chenzhou Jingui Silver | Shenzhen MYS vs. Xuzhou Handler Special | Shenzhen MYS vs. JCHX Mining Management | Shenzhen MYS vs. Zotye Automobile Co |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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