Correlation Between Jiangsu Jinling and Semiconductor Manufacturing
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Semiconductor Manufacturing Electronics, you can compare the effects of market volatilities on Jiangsu Jinling and Semiconductor Manufacturing 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 Jinling with a short position of Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Semiconductor Manufacturing.
Diversification Opportunities for Jiangsu Jinling and Semiconductor Manufacturing
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Semiconductor is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Semiconductor Manufacturing El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing and Jiangsu Jinling 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 Jinling Sports are associated (or correlated) with Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Semiconductor Manufacturing
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 1.76 times more return on investment than Semiconductor Manufacturing. However, Jiangsu Jinling is 1.76 times more volatile than Semiconductor Manufacturing Electronics. It trades about -0.05 of its potential returns per unit of risk. Semiconductor Manufacturing Electronics is currently generating about -0.13 per unit of risk. If you would invest 1,419 in Jiangsu Jinling Sports on October 26, 2024 and sell it today you would lose (152.00) from holding Jiangsu Jinling Sports or give up 10.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Semiconductor Manufacturing El
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Semiconductor Manufacturing |
Jiangsu Jinling and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Semiconductor Manufacturing
The main advantage of trading using opposite Jiangsu Jinling and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing's long position.| Jiangsu Jinling vs. Ming Yang Smart | Jiangsu Jinling vs. 159681 | Jiangsu Jinling vs. 159005 | Jiangsu Jinling vs. Loctek Ergonomic Technology |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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