Correlation Between Jiujiang Shanshui and Henan Shuanghui
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By analyzing existing cross correlation between Jiujiang Shanshui Technology and Henan Shuanghui Investment, you can compare the effects of market volatilities on Jiujiang Shanshui and Henan Shuanghui 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 Jiujiang Shanshui with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiujiang Shanshui and Henan Shuanghui.
Diversification Opportunities for Jiujiang Shanshui and Henan Shuanghui
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiujiang and Henan is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Jiujiang Shanshui Technology and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Jiujiang Shanshui 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 Jiujiang Shanshui Technology are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Jiujiang Shanshui i.e., Jiujiang Shanshui and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Jiujiang Shanshui and Henan Shuanghui
Assuming the 90 days trading horizon Jiujiang Shanshui Technology is expected to under-perform the Henan Shuanghui. In addition to that, Jiujiang Shanshui is 1.78 times more volatile than Henan Shuanghui Investment. It trades about -0.01 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.03 per unit of volatility. If you would invest 2,271 in Henan Shuanghui Investment on October 12, 2024 and sell it today you would earn a total of 293.00 from holding Henan Shuanghui Investment or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiujiang Shanshui Technology vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Jiujiang Shanshui |
| Henan Shuanghui Inve |
Jiujiang Shanshui and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiujiang Shanshui and Henan Shuanghui
The main advantage of trading using opposite Jiujiang Shanshui and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiujiang Shanshui position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Jiujiang Shanshui vs. China Eastern Airlines | Jiujiang Shanshui vs. Soyea Technology Co | Jiujiang Shanshui vs. MayAir Technology Co | Jiujiang Shanshui vs. Holitech Technology Co |
| Henan Shuanghui vs. Konfoong Materials International | Henan Shuanghui vs. Suzhou Xingye Material | Henan Shuanghui vs. Sportsoul Co Ltd | Henan Shuanghui vs. Thinkingdom Media Group |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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