Correlation Between Jinxiandai Information and Jiangnan Mould
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By analyzing existing cross correlation between Jinxiandai Information Industry and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Jinxiandai Information and Jiangnan Mould 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 Jinxiandai Information with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinxiandai Information and Jiangnan Mould.
Diversification Opportunities for Jinxiandai Information and Jiangnan Mould
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinxiandai and Jiangnan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Jinxiandai Information Industr and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Jinxiandai Information 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 Jinxiandai Information Industry are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Jinxiandai Information i.e., Jinxiandai Information and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Jinxiandai Information and Jiangnan Mould
Assuming the 90 days trading horizon Jinxiandai Information is expected to generate 1.32 times less return on investment than Jiangnan Mould. In addition to that, Jinxiandai Information is 1.87 times more volatile than Jiangnan Mould Plastic. It trades about 0.02 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.05 per unit of volatility. If you would invest 630.00 in Jiangnan Mould Plastic on October 14, 2024 and sell it today you would earn a total of 37.00 from holding Jiangnan Mould Plastic or generate 5.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinxiandai Information Industr vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Jinxiandai Information |
| Jiangnan Mould Plastic |
Jinxiandai Information and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinxiandai Information and Jiangnan Mould
The main advantage of trading using opposite Jinxiandai Information and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinxiandai Information position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Jinxiandai Information vs. China Life Insurance | Jinxiandai Information vs. Cinda Securities Co | Jinxiandai Information vs. Piotech Inc A | Jinxiandai Information vs. Dongxing Sec Co |
| Jiangnan Mould vs. Jinxiandai Information Industry | Jiangnan Mould vs. Ye Chiu Metal | Jiangnan Mould vs. Invengo Information Technology | Jiangnan Mould vs. Tongling Nonferrous Metals |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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