Correlation Between Jiujiang Shanshui and By Health
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By analyzing existing cross correlation between Jiujiang Shanshui Technology and By health, you can compare the effects of market volatilities on Jiujiang Shanshui and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiujiang Shanshui and By Health.
Diversification Opportunities for Jiujiang Shanshui and By Health
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiujiang and 300146 is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Jiujiang Shanshui Technology and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Jiujiang Shanshui i.e., Jiujiang Shanshui and By Health go up and down completely randomly.
Pair Corralation between Jiujiang Shanshui and By Health
Assuming the 90 days trading horizon Jiujiang Shanshui Technology is expected to generate 0.87 times more return on investment than By Health. However, Jiujiang Shanshui Technology is 1.14 times less risky than By Health. It trades about 0.13 of its potential returns per unit of risk. By health is currently generating about 0.08 per unit of risk. If you would invest 1,321 in Jiujiang Shanshui Technology on September 3, 2024 and sell it today you would earn a total of 309.00 from holding Jiujiang Shanshui Technology or generate 23.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiujiang Shanshui Technology vs. By health
Performance |
| Timeline |
| Jiujiang Shanshui |
| By health |
Jiujiang Shanshui and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiujiang Shanshui and By Health
The main advantage of trading using opposite Jiujiang Shanshui and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiujiang Shanshui position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Jiujiang Shanshui vs. Zijin Mining Group | Jiujiang Shanshui vs. Baoshan Iron Steel | Jiujiang Shanshui vs. Rongsheng Petrochemical Co | Jiujiang Shanshui vs. Hoshine Silicon Ind |
| By Health vs. Beijing Wantai Biological | By Health vs. Aluminum Corp of | By Health vs. COL Digital Publishing | By Health vs. Shaanxi Meineng Clean |
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 Stocks Directory module to find actively traded stocks across global markets.
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