Correlation Between Jinxiandai Information and Shanghai Shuixing
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By analyzing existing cross correlation between Jinxiandai Information Industry and Shanghai Shuixing Home, you can compare the effects of market volatilities on Jinxiandai Information and Shanghai Shuixing 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 Shanghai Shuixing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinxiandai Information and Shanghai Shuixing.
Diversification Opportunities for Jinxiandai Information and Shanghai Shuixing
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinxiandai and Shanghai is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jinxiandai Information Industr and Shanghai Shuixing Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Shuixing Home 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 Shanghai Shuixing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Shuixing Home has no effect on the direction of Jinxiandai Information i.e., Jinxiandai Information and Shanghai Shuixing go up and down completely randomly.
Pair Corralation between Jinxiandai Information and Shanghai Shuixing
Assuming the 90 days trading horizon Jinxiandai Information is expected to generate 1.59 times less return on investment than Shanghai Shuixing. In addition to that, Jinxiandai Information is 1.72 times more volatile than Shanghai Shuixing Home. It trades about 0.01 of its total potential returns per unit of risk. Shanghai Shuixing Home is currently generating about 0.03 per unit of volatility. If you would invest 1,329 in Shanghai Shuixing Home on October 12, 2024 and sell it today you would earn a total of 340.00 from holding Shanghai Shuixing Home or generate 25.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinxiandai Information Industr vs. Shanghai Shuixing Home
Performance |
| Timeline |
| Jinxiandai Information |
| Shanghai Shuixing Home |
Jinxiandai Information and Shanghai Shuixing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinxiandai Information and Shanghai Shuixing
The main advantage of trading using opposite Jinxiandai Information and Shanghai Shuixing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinxiandai Information position performs unexpectedly, Shanghai Shuixing 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 Shanghai Shuixing will offset losses from the drop in Shanghai Shuixing's long position.| Jinxiandai Information vs. Nanxing Furniture Machinery | Jinxiandai Information vs. Oppein Home Group | Jinxiandai Information vs. Xiamen Goldenhome Co | Jinxiandai Information vs. Guangdong Jingyi Metal |
| Shanghai Shuixing vs. Jiangsu Hoperun Software | Shanghai Shuixing vs. Dhc Software Co | Shanghai Shuixing vs. Anhui Huilong Agricultural | Shanghai Shuixing vs. Thunder Software 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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