Correlation Between Jinsanjiang Silicon and Gan Yuan
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Gan Yuan Foods, you can compare the effects of market volatilities on Jinsanjiang Silicon and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Gan Yuan.
Diversification Opportunities for Jinsanjiang Silicon and Gan Yuan
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and Gan is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Gan Yuan go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Gan Yuan
Assuming the 90 days trading horizon Jinsanjiang Silicon is expected to generate 6.57 times less return on investment than Gan Yuan. In addition to that, Jinsanjiang Silicon is 1.48 times more volatile than Gan Yuan Foods. It trades about 0.0 of its total potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.02 per unit of volatility. If you would invest 7,283 in Gan Yuan Foods on October 14, 2024 and sell it today you would earn a total of 1,146 from holding Gan Yuan Foods or generate 15.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Gan Yuan Foods
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Gan Yuan Foods |
Jinsanjiang Silicon and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Gan Yuan
The main advantage of trading using opposite Jinsanjiang Silicon and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan'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 |
| Gan Yuan vs. Zhejiang Yinlun Machinery | Gan Yuan vs. Shenzhen Zhongzhuang Construction | Gan Yuan vs. Jinsanjiang Silicon Material | Gan Yuan vs. Huasi Agricultural Development |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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