Correlation Between Jinsanjiang Silicon and Wuhan Yangtze
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Wuhan Yangtze Communication, you can compare the effects of market volatilities on Jinsanjiang Silicon and Wuhan Yangtze 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 Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Wuhan Yangtze.
Diversification Opportunities for Jinsanjiang Silicon and Wuhan Yangtze
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinsanjiang and Wuhan is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun 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 Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Wuhan Yangtze
Assuming the 90 days trading horizon Jinsanjiang Silicon is expected to generate 2.08 times less return on investment than Wuhan Yangtze. In addition to that, Jinsanjiang Silicon is 1.05 times more volatile than Wuhan Yangtze Communication. It trades about 0.03 of its total potential returns per unit of risk. Wuhan Yangtze Communication is currently generating about 0.06 per unit of volatility. If you would invest 1,542 in Wuhan Yangtze Communication on October 18, 2024 and sell it today you would earn a total of 669.00 from holding Wuhan Yangtze Communication or generate 43.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Wuhan Yangtze Communication
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Wuhan Yangtze Commun |
Jinsanjiang Silicon and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Wuhan Yangtze
The main advantage of trading using opposite Jinsanjiang Silicon and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Wuhan Yangtze 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 Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze's long position.| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK Industrial |
| Wuhan Yangtze vs. Anhui Huaheng Biotechnology | Wuhan Yangtze vs. Guangdong Marubi Biotechnology | Wuhan Yangtze vs. Jinhe Biotechnology Co | Wuhan Yangtze vs. Shenzhen Bioeasy Biotechnology |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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