Correlation Between Jinsanjiang Silicon and China International
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and China International Travel, you can compare the effects of market volatilities on Jinsanjiang Silicon and China International 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 China International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and China International.
Diversification Opportunities for Jinsanjiang Silicon and China International
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinsanjiang and China is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and China International Travel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China International 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 China International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China International has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and China International go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and China International
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 1.44 times more return on investment than China International. However, Jinsanjiang Silicon is 1.44 times more volatile than China International Travel. It trades about 0.01 of its potential returns per unit of risk. China International Travel is currently generating about -0.05 per unit of risk. If you would invest 1,299 in Jinsanjiang Silicon Material on September 12, 2024 and sell it today you would lose (157.00) from holding Jinsanjiang Silicon Material or give up 12.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. China International Travel
Performance |
| Timeline |
| Jinsanjiang Silicon |
| China International |
Jinsanjiang Silicon and China International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and China International
The main advantage of trading using opposite Jinsanjiang Silicon and China International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, China International 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 China International will offset losses from the drop in China International's long position.| Jinsanjiang Silicon vs. Zijin Mining Group | Jinsanjiang Silicon vs. Wanhua Chemical Group | Jinsanjiang Silicon vs. Baoshan Iron Steel | Jinsanjiang Silicon vs. Rongsheng Petrochemical Co |
| China International vs. Guangdong Qunxing Toys | China International vs. Sinosteel Luonai Materials | China International vs. Jinsanjiang Silicon Material | China International vs. Cofco Biochemical Anhui |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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