Correlation Between Nantong JiangTian and Zhonghong Pulin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nantong JiangTian Chemical and Zhonghong Pulin Medical, you can compare the effects of market volatilities on Nantong JiangTian and Zhonghong Pulin 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 Nantong JiangTian with a short position of Zhonghong Pulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nantong JiangTian and Zhonghong Pulin.
Diversification Opportunities for Nantong JiangTian and Zhonghong Pulin
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nantong and Zhonghong is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Nantong JiangTian Chemical and Zhonghong Pulin Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhonghong Pulin Medical and Nantong JiangTian 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 Nantong JiangTian Chemical are associated (or correlated) with Zhonghong Pulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhonghong Pulin Medical has no effect on the direction of Nantong JiangTian i.e., Nantong JiangTian and Zhonghong Pulin go up and down completely randomly.
Pair Corralation between Nantong JiangTian and Zhonghong Pulin
Assuming the 90 days trading horizon Nantong JiangTian Chemical is expected to generate 1.01 times more return on investment than Zhonghong Pulin. However, Nantong JiangTian is 1.01 times more volatile than Zhonghong Pulin Medical. It trades about 0.08 of its potential returns per unit of risk. Zhonghong Pulin Medical is currently generating about 0.02 per unit of risk. If you would invest 1,819 in Nantong JiangTian Chemical on December 8, 2024 and sell it today you would earn a total of 60.00 from holding Nantong JiangTian Chemical or generate 3.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nantong JiangTian Chemical vs. Zhonghong Pulin Medical
Performance |
| Timeline |
| Nantong JiangTian |
| Zhonghong Pulin Medical |
Nantong JiangTian and Zhonghong Pulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nantong JiangTian and Zhonghong Pulin
The main advantage of trading using opposite Nantong JiangTian and Zhonghong Pulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nantong JiangTian position performs unexpectedly, Zhonghong Pulin 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 Zhonghong Pulin will offset losses from the drop in Zhonghong Pulin's long position.| Nantong JiangTian vs. Financial Street Holdings | ||
| Nantong JiangTian vs. Shuhua Sports Co | ||
| Nantong JiangTian vs. Sportsoul Co Ltd | ||
| Nantong JiangTian vs. Lecron Energy Saving |
| Zhonghong Pulin vs. Jinhui Mining Co | ||
| Zhonghong Pulin vs. Uroica Mining Safety | ||
| Zhonghong Pulin vs. Der International Home | ||
| Zhonghong Pulin vs. Chenzhou Jingui Silver |
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
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Stocks Directory Find actively traded stocks across global markets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |