Correlation Between Jinsanjiang Silicon and China Publishing
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and China Publishing Media, you can compare the effects of market volatilities on Jinsanjiang Silicon and China Publishing 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 Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and China Publishing.
Diversification Opportunities for Jinsanjiang Silicon and China Publishing
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinsanjiang and China is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media 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 Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and China Publishing go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and China Publishing
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 2.6 times more return on investment than China Publishing. However, Jinsanjiang Silicon is 2.6 times more volatile than China Publishing Media. It trades about -0.11 of its potential returns per unit of risk. China Publishing Media is currently generating about -0.58 per unit of risk. If you would invest 1,139 in Jinsanjiang Silicon Material on October 14, 2024 and sell it today you would lose (158.00) from holding Jinsanjiang Silicon Material or give up 13.87% 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. China Publishing Media
Performance |
| Timeline |
| Jinsanjiang Silicon |
| China Publishing Media |
Jinsanjiang Silicon and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and China Publishing
The main advantage of trading using opposite Jinsanjiang Silicon and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, China Publishing 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 Publishing will offset losses from the drop in China Publishing's long position.| Jinsanjiang Silicon vs. AUPU Home Style | Jinsanjiang Silicon vs. Dongfeng Automobile Co | Jinsanjiang Silicon vs. Luolai Home Textile | Jinsanjiang Silicon vs. Xiangyang Automobile Bearing |
| China Publishing vs. Jinling Hotel Corp | China Publishing vs. China Satellite Communications | China Publishing vs. Ningbo Tip Rubber | China Publishing vs. Jinsanjiang Silicon Material |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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