Correlation Between CIMC Vehicles and Jiangsu Broadcasting
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By analyzing existing cross correlation between CIMC Vehicles Co and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on CIMC Vehicles and Jiangsu Broadcasting 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 CIMC Vehicles with a short position of Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Jiangsu Broadcasting.
Diversification Opportunities for CIMC Vehicles and Jiangsu Broadcasting
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CIMC and Jiangsu is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting and CIMC Vehicles 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 CIMC Vehicles Co are associated (or correlated) with Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of CIMC Vehicles i.e., CIMC Vehicles and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Jiangsu Broadcasting
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to generate 0.54 times more return on investment than Jiangsu Broadcasting. However, CIMC Vehicles Co is 1.85 times less risky than Jiangsu Broadcasting. It trades about -0.12 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.1 per unit of risk. If you would invest 986.00 in CIMC Vehicles Co on October 30, 2024 and sell it today you would lose (63.00) from holding CIMC Vehicles Co or give up 6.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| CIMC Vehicles |
| Jiangsu Broadcasting |
CIMC Vehicles and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Jiangsu Broadcasting
The main advantage of trading using opposite CIMC Vehicles and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| CIMC Vehicles vs. Lianhe Chemical Technology | CIMC Vehicles vs. Cicc Fund Management | CIMC Vehicles vs. Harvest Fund Management | CIMC Vehicles vs. Dymatic Chemicals |
| Jiangsu Broadcasting vs. Easyhome New Retail | Jiangsu Broadcasting vs. Shenzhen Urban Transport | Jiangsu Broadcasting vs. Hangzhou Pinming Software | Jiangsu Broadcasting vs. Zhangjiagang Freetrade Science |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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