Correlation Between Jinsanjiang Silicon and Nuode Investment
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Nuode Investment Co, you can compare the effects of market volatilities on Jinsanjiang Silicon and Nuode Investment 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 Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Nuode Investment.
Diversification Opportunities for Jinsanjiang Silicon and Nuode Investment
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinsanjiang and Nuode is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode Investment 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 Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Nuode Investment go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Nuode Investment
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Nuode Investment. In addition to that, Jinsanjiang Silicon is 2.32 times more volatile than Nuode Investment Co. It trades about -0.18 of its total potential returns per unit of risk. Nuode Investment Co is currently generating about -0.12 per unit of volatility. If you would invest 389.00 in Nuode Investment Co on November 3, 2024 and sell it today you would lose (18.00) from holding Nuode Investment Co or give up 4.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Nuode Investment Co
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Nuode Investment |
Jinsanjiang Silicon and Nuode Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Nuode Investment
The main advantage of trading using opposite Jinsanjiang Silicon and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment's long position.| Jinsanjiang Silicon vs. Anhui Shiny Electronic | Jinsanjiang Silicon vs. Success Electronics | Jinsanjiang Silicon vs. Dawning Information Industry | Jinsanjiang Silicon vs. Zhongfu Information |
| Nuode Investment vs. Shenwu Energy Saving | Nuode Investment vs. Industrial Bank Co | Nuode Investment vs. Tonghua Grape Wine | Nuode Investment vs. Financial Street Holdings |
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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