Correlation Between Jinsanjiang Silicon and Shanghai Construction
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Shanghai Construction Group, you can compare the effects of market volatilities on Jinsanjiang Silicon and Shanghai Construction 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 Shanghai Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Shanghai Construction.
Diversification Opportunities for Jinsanjiang Silicon and Shanghai Construction
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and Shanghai is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Shanghai Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Construction 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 Shanghai Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Construction has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Shanghai Construction go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Shanghai Construction
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 1.94 times more return on investment than Shanghai Construction. However, Jinsanjiang Silicon is 1.94 times more volatile than Shanghai Construction Group. It trades about 0.04 of its potential returns per unit of risk. Shanghai Construction Group is currently generating about 0.02 per unit of risk. If you would invest 901.00 in Jinsanjiang Silicon Material on November 21, 2024 and sell it today you would earn a total of 152.00 from holding Jinsanjiang Silicon Material or generate 16.87% 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. Shanghai Construction Group
Performance |
Timeline |
Jinsanjiang Silicon |
Shanghai Construction |
Jinsanjiang Silicon and Shanghai Construction Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jinsanjiang Silicon and Shanghai Construction
The main advantage of trading using opposite Jinsanjiang Silicon and Shanghai Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Shanghai Construction 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 Shanghai Construction will offset losses from the drop in Shanghai Construction's long position.Jinsanjiang Silicon vs. Chengtun Mining Group | ||
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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