Correlation Between Wintao Communications and Jiangsu Zhongtian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Wintao Communications Co and Jiangsu Zhongtian Technology, you can compare the effects of market volatilities on Wintao Communications and Jiangsu Zhongtian 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 Wintao Communications with a short position of Jiangsu Zhongtian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wintao Communications and Jiangsu Zhongtian.
Diversification Opportunities for Wintao Communications and Jiangsu Zhongtian
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wintao and Jiangsu is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Wintao Communications Co and Jiangsu Zhongtian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Zhongtian and Wintao Communications 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 Wintao Communications Co are associated (or correlated) with Jiangsu Zhongtian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Zhongtian has no effect on the direction of Wintao Communications i.e., Wintao Communications and Jiangsu Zhongtian go up and down completely randomly.
Pair Corralation between Wintao Communications and Jiangsu Zhongtian
Assuming the 90 days trading horizon Wintao Communications Co is expected to generate 1.62 times more return on investment than Jiangsu Zhongtian. However, Wintao Communications is 1.62 times more volatile than Jiangsu Zhongtian Technology. It trades about -0.02 of its potential returns per unit of risk. Jiangsu Zhongtian Technology is currently generating about -0.13 per unit of risk. If you would invest 2,310 in Wintao Communications Co on October 28, 2024 and sell it today you would lose (47.00) from holding Wintao Communications Co or give up 2.03% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Wintao Communications Co vs. Jiangsu Zhongtian Technology
Performance |
Timeline |
Wintao Communications |
Jiangsu Zhongtian |
Wintao Communications and Jiangsu Zhongtian Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Wintao Communications and Jiangsu Zhongtian
The main advantage of trading using opposite Wintao Communications and Jiangsu Zhongtian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wintao Communications position performs unexpectedly, Jiangsu Zhongtian 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 Jiangsu Zhongtian will offset losses from the drop in Jiangsu Zhongtian's long position.Wintao Communications vs. Easyhome New Retail | Wintao Communications vs. Olympic Circuit Technology | Wintao Communications vs. 360 Security Technology | Wintao Communications vs. Quectel Wireless Solutions |
Jiangsu Zhongtian vs. Mango Excellent Media | Jiangsu Zhongtian vs. Shenzhen Urban Transport | Jiangsu Zhongtian vs. Fujian Longzhou Transportation | Jiangsu Zhongtian vs. Chengdu B ray Media |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |