Correlation Between Jiangxi Naipu and Haima Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangxi Naipu Mining and Haima Automobile Group, you can compare the effects of market volatilities on Jiangxi Naipu and Haima Automobile 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 Jiangxi Naipu with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Naipu and Haima Automobile.
Diversification Opportunities for Jiangxi Naipu and Haima Automobile
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangxi and Haima is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Naipu Mining and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Jiangxi Naipu 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 Jiangxi Naipu Mining are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Jiangxi Naipu i.e., Jiangxi Naipu and Haima Automobile go up and down completely randomly.
Pair Corralation between Jiangxi Naipu and Haima Automobile
Assuming the 90 days trading horizon Jiangxi Naipu Mining is expected to generate 0.63 times more return on investment than Haima Automobile. However, Jiangxi Naipu Mining is 1.58 times less risky than Haima Automobile. It trades about -0.22 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.34 per unit of risk. If you would invest 2,975 in Jiangxi Naipu Mining on October 17, 2024 and sell it today you would lose (270.00) from holding Jiangxi Naipu Mining or give up 9.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Naipu Mining vs. Haima Automobile Group
Performance |
| Timeline |
| Jiangxi Naipu Mining |
| Haima Automobile |
Jiangxi Naipu and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Naipu and Haima Automobile
The main advantage of trading using opposite Jiangxi Naipu and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Naipu position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Jiangxi Naipu vs. Kontour Medical Technology | Jiangxi Naipu vs. Nuode Investment Co | Jiangxi Naipu vs. Eastroc Beverage Group | Jiangxi Naipu vs. Allgens Medical Technology |
| Haima Automobile vs. Jonjee Hi tech Industrial | Haima Automobile vs. Tongyu Communication | Haima Automobile vs. JCHX Mining Management | Haima Automobile vs. Jiangxi Naipu 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |