Correlation Between Jinsanjiang Silicon and Shanghai OPM
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Shanghai OPM Biosciences, you can compare the effects of market volatilities on Jinsanjiang Silicon and Shanghai OPM 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 OPM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Shanghai OPM.
Diversification Opportunities for Jinsanjiang Silicon and Shanghai OPM
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and Shanghai is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Shanghai OPM Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai OPM Biosciences 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 OPM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai OPM Biosciences has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Shanghai OPM go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Shanghai OPM
Assuming the 90 days trading horizon Jinsanjiang Silicon is expected to generate 1.01 times less return on investment than Shanghai OPM. In addition to that, Jinsanjiang Silicon is 1.06 times more volatile than Shanghai OPM Biosciences. It trades about 0.1 of its total potential returns per unit of risk. Shanghai OPM Biosciences is currently generating about 0.11 per unit of volatility. If you would invest 2,707 in Shanghai OPM Biosciences on October 18, 2024 and sell it today you would earn a total of 1,005 from holding Shanghai OPM Biosciences or generate 37.13% 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 OPM Biosciences
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Shanghai OPM Biosciences |
Jinsanjiang Silicon and Shanghai OPM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Shanghai OPM
The main advantage of trading using opposite Jinsanjiang Silicon and Shanghai OPM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Shanghai OPM 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 OPM will offset losses from the drop in Shanghai OPM's long position.| Jinsanjiang Silicon vs. Dr Peng Telecom | Jinsanjiang Silicon vs. Tibet Huayu Mining | Jinsanjiang Silicon vs. Ningbo Jintian Copper | Jinsanjiang Silicon vs. Guangxi Wuzhou Communications |
| Shanghai OPM vs. Jinsanjiang Silicon Material | Shanghai OPM vs. Huayi Brothers Media | Shanghai OPM vs. Duzhe Publishing Media | Shanghai OPM vs. Hengdian Entertainment Co |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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