Correlation Between Iat Automobile and Guangdong Jinma
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By analyzing existing cross correlation between Iat Automobile Technology and Guangdong Jinma Entertainment, you can compare the effects of market volatilities on Iat Automobile and Guangdong Jinma 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 Iat Automobile with a short position of Guangdong Jinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Guangdong Jinma.
Diversification Opportunities for Iat Automobile and Guangdong Jinma
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Iat and Guangdong is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Guangdong Jinma Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jinma Ente and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Guangdong Jinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jinma Ente has no effect on the direction of Iat Automobile i.e., Iat Automobile and Guangdong Jinma go up and down completely randomly.
Pair Corralation between Iat Automobile and Guangdong Jinma
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.18 times more return on investment than Guangdong Jinma. However, Iat Automobile is 1.18 times more volatile than Guangdong Jinma Entertainment. It trades about -0.02 of its potential returns per unit of risk. Guangdong Jinma Entertainment is currently generating about -0.03 per unit of risk. If you would invest 1,186 in Iat Automobile Technology on October 18, 2024 and sell it today you would lose (29.00) from holding Iat Automobile Technology or give up 2.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Guangdong Jinma Entertainment
Performance |
| Timeline |
| Iat Automobile Technology |
| Guangdong Jinma Ente |
Iat Automobile and Guangdong Jinma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Guangdong Jinma
The main advantage of trading using opposite Iat Automobile and Guangdong Jinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Guangdong Jinma 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 Guangdong Jinma will offset losses from the drop in Guangdong Jinma's long position.| Iat Automobile vs. Nuode Investment Co | Iat Automobile vs. Gifore Agricultural Machinery | Iat Automobile vs. Chengdu Xingrong Investment | Iat Automobile vs. Nanxing Furniture Machinery |
| Guangdong Jinma vs. Iat Automobile Technology | Guangdong Jinma vs. Advanced Technology Materials | Guangdong Jinma vs. Chongqing Sulian Plastic | Guangdong Jinma vs. Fibocom Wireless |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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