Correlation Between Jinsanjiang Silicon and Jizhong Energy
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Jizhong Energy Resources, you can compare the effects of market volatilities on Jinsanjiang Silicon and Jizhong Energy 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 Jinsanjiang Silicon with a short position of Jizhong Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Jizhong Energy.
Diversification Opportunities for Jinsanjiang Silicon and Jizhong Energy
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinsanjiang and Jizhong is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Jizhong Energy Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jizhong Energy Resources and Jinsanjiang Silicon 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 Jinsanjiang Silicon Material are associated (or correlated) with Jizhong Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jizhong Energy Resources has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Jizhong Energy go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Jizhong Energy
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Jizhong Energy. In addition to that, Jinsanjiang Silicon is 3.49 times more volatile than Jizhong Energy Resources. It trades about -0.11 of its total potential returns per unit of risk. Jizhong Energy Resources is currently generating about -0.24 per unit of volatility. If you would invest 635.00 in Jizhong Energy Resources on October 29, 2024 and sell it today you would lose (38.00) from holding Jizhong Energy Resources or give up 5.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Jizhong Energy Resources
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Jizhong Energy Resources |
Jinsanjiang Silicon and Jizhong Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Jizhong Energy
The main advantage of trading using opposite Jinsanjiang Silicon and Jizhong Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Jizhong Energy 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 Jizhong Energy will offset losses from the drop in Jizhong Energy's long position.| Jinsanjiang Silicon vs. Guangzhou Haozhi Industrial | Jinsanjiang Silicon vs. Jinhe Biotechnology Co | Jinsanjiang Silicon vs. Western Metal Materials | Jinsanjiang Silicon vs. Xinjiang Baodi Mining |
| Jizhong Energy vs. Tsingtao Brewery Co | Jizhong Energy vs. Easyhome New Retail | Jizhong Energy vs. Ningbo Kangqiang Electronics | Jizhong Energy vs. Sihui Fuji Electronics |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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