Correlation Between Jinsanjiang Silicon and Shanghai V
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Shanghai V Test Semiconductor, you can compare the effects of market volatilities on Jinsanjiang Silicon and Shanghai V 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 V. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Shanghai V.
Diversification Opportunities for Jinsanjiang Silicon and Shanghai V
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinsanjiang and Shanghai is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Shanghai V Test Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai V Test 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 V. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai V Test has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Shanghai V go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Shanghai V
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Shanghai V. In addition to that, Jinsanjiang Silicon is 1.12 times more volatile than Shanghai V Test Semiconductor. It trades about -0.02 of its total potential returns per unit of risk. Shanghai V Test Semiconductor is currently generating about 0.1 per unit of volatility. If you would invest 6,300 in Shanghai V Test Semiconductor on October 30, 2024 and sell it today you would earn a total of 790.00 from holding Shanghai V Test Semiconductor or generate 12.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Shanghai V Test Semiconductor
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Shanghai V Test |
Jinsanjiang Silicon and Shanghai V Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Shanghai V
The main advantage of trading using opposite Jinsanjiang Silicon and Shanghai V positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Shanghai V 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 V will offset losses from the drop in Shanghai V's long position.| Jinsanjiang Silicon vs. Zijin Mining Group | Jinsanjiang Silicon vs. Wanhua Chemical Group | Jinsanjiang Silicon vs. Baoshan Iron Steel | Jinsanjiang Silicon vs. Shandong Gold Mining |
| Shanghai V vs. Yili Chuanning Biotechnology | Shanghai V vs. Beijing Seeyon Internet | Shanghai V vs. Runjian Communication Co | Shanghai V vs. Zhejiang JIULI Hi tech |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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