Correlation Between Jinsanjiang Silicon and China Railway
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and China Railway Construction, you can compare the effects of market volatilities on Jinsanjiang Silicon and China Railway 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 Railway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and China Railway.
Diversification Opportunities for Jinsanjiang Silicon and China Railway
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinsanjiang and China is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and China Railway Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Railway Constr 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 Railway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Railway Constr has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and China Railway go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and China Railway
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the China Railway. In addition to that, Jinsanjiang Silicon is 4.21 times more volatile than China Railway Construction. It trades about -0.18 of its total potential returns per unit of risk. China Railway Construction is currently generating about -0.18 per unit of volatility. If you would invest 423.00 in China Railway Construction on November 3, 2024 and sell it today you would lose (15.00) from holding China Railway Construction or give up 3.55% 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 Railway Construction
Performance |
| Timeline |
| Jinsanjiang Silicon |
| China Railway Constr |
Jinsanjiang Silicon and China Railway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and China Railway
The main advantage of trading using opposite Jinsanjiang Silicon and China Railway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, China Railway 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 Railway will offset losses from the drop in China Railway's long position.| Jinsanjiang Silicon vs. Anhui Shiny Electronic | Jinsanjiang Silicon vs. Success Electronics | Jinsanjiang Silicon vs. Dawning Information Industry | Jinsanjiang Silicon vs. Zhongfu Information |
| China Railway vs. Jiaozuo Wanfang Aluminum | China Railway vs. Jiangsu Financial Leasing | China Railway vs. Heilongjiang Transport Development | China Railway vs. Tongxing Environmental Protection |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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