Correlation Between Jinsanjiang Silicon and Maxvision Technology
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Maxvision Technology Corp, you can compare the effects of market volatilities on Jinsanjiang Silicon and Maxvision Technology 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 Maxvision Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Maxvision Technology.
Diversification Opportunities for Jinsanjiang Silicon and Maxvision Technology
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinsanjiang and Maxvision is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Maxvision Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maxvision Technology Corp 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 Maxvision Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maxvision Technology Corp has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Maxvision Technology go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Maxvision Technology
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Maxvision Technology. In addition to that, Jinsanjiang Silicon is 1.89 times more volatile than Maxvision Technology Corp. It trades about -0.12 of its total potential returns per unit of risk. Maxvision Technology Corp is currently generating about 0.03 per unit of volatility. If you would invest 2,317 in Maxvision Technology Corp on November 1, 2024 and sell it today you would earn a total of 26.00 from holding Maxvision Technology Corp or generate 1.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Maxvision Technology Corp
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Maxvision Technology Corp |
Jinsanjiang Silicon and Maxvision Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Maxvision Technology
The main advantage of trading using opposite Jinsanjiang Silicon and Maxvision Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Maxvision Technology 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 Maxvision Technology will offset losses from the drop in Maxvision Technology's long position.| Jinsanjiang Silicon vs. Zijin Mining Group | Jinsanjiang Silicon vs. Wanhua Chemical Group | Jinsanjiang Silicon vs. Baoshan Iron Steel | Jinsanjiang Silicon vs. Shandong Gold Mining |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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