Correlation Between Guangdong Brandmax and Jiangyin Jianghua
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangdong Brandmax Marketing and Jiangyin Jianghua Microelectronics, you can compare the effects of market volatilities on Guangdong Brandmax and Jiangyin Jianghua 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 Guangdong Brandmax with a short position of Jiangyin Jianghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Brandmax and Jiangyin Jianghua.
Diversification Opportunities for Guangdong Brandmax and Jiangyin Jianghua
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangdong and Jiangyin is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Brandmax Marketing and Jiangyin Jianghua Microelectro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangyin Jianghua and Guangdong Brandmax 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 Guangdong Brandmax Marketing are associated (or correlated) with Jiangyin Jianghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangyin Jianghua has no effect on the direction of Guangdong Brandmax i.e., Guangdong Brandmax and Jiangyin Jianghua go up and down completely randomly.
Pair Corralation between Guangdong Brandmax and Jiangyin Jianghua
Assuming the 90 days trading horizon Guangdong Brandmax Marketing is expected to generate 1.41 times more return on investment than Jiangyin Jianghua. However, Guangdong Brandmax is 1.41 times more volatile than Jiangyin Jianghua Microelectronics. It trades about 0.04 of its potential returns per unit of risk. Jiangyin Jianghua Microelectronics is currently generating about 0.03 per unit of risk. If you would invest 706.00 in Guangdong Brandmax Marketing on September 3, 2024 and sell it today you would earn a total of 273.00 from holding Guangdong Brandmax Marketing or generate 38.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Brandmax Marketing vs. Jiangyin Jianghua Microelectro
Performance |
| Timeline |
| Guangdong Brandmax |
| Jiangyin Jianghua |
Guangdong Brandmax and Jiangyin Jianghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Brandmax and Jiangyin Jianghua
The main advantage of trading using opposite Guangdong Brandmax and Jiangyin Jianghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Brandmax position performs unexpectedly, Jiangyin Jianghua 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 Jiangyin Jianghua will offset losses from the drop in Jiangyin Jianghua's long position.| Guangdong Brandmax vs. Gansu Jiu Steel | Guangdong Brandmax vs. Ming Yang Smart | Guangdong Brandmax vs. Aba Chemicals Corp | Guangdong Brandmax vs. Loctek Ergonomic Technology |
| Jiangyin Jianghua vs. Agricultural Bank of | Jiangyin Jianghua vs. China Construction Bank | Jiangyin Jianghua vs. Postal Savings Bank | Jiangyin Jianghua vs. Bank of Communications |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |