Correlation Between Jiujiang Shanshui and Sinofibers Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiujiang Shanshui Technology and Sinofibers Technology Co, you can compare the effects of market volatilities on Jiujiang Shanshui and Sinofibers Technology 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 Sinofibers Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiujiang Shanshui and Sinofibers Technology.
Diversification Opportunities for Jiujiang Shanshui and Sinofibers Technology
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiujiang and Sinofibers is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Jiujiang Shanshui Technology and Sinofibers Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinofibers Technology 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 Sinofibers Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinofibers Technology has no effect on the direction of Jiujiang Shanshui i.e., Jiujiang Shanshui and Sinofibers Technology go up and down completely randomly.
Pair Corralation between Jiujiang Shanshui and Sinofibers Technology
Assuming the 90 days trading horizon Jiujiang Shanshui Technology is expected to generate 0.79 times more return on investment than Sinofibers Technology. However, Jiujiang Shanshui Technology is 1.27 times less risky than Sinofibers Technology. It trades about 0.0 of its potential returns per unit of risk. Sinofibers Technology Co is currently generating about -0.03 per unit of risk. If you would invest 1,736 in Jiujiang Shanshui Technology on October 12, 2024 and sell it today you would lose (253.00) from holding Jiujiang Shanshui Technology or give up 14.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiujiang Shanshui Technology vs. Sinofibers Technology Co
Performance |
| Timeline |
| Jiujiang Shanshui |
| Sinofibers Technology |
Jiujiang Shanshui and Sinofibers Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiujiang Shanshui and Sinofibers Technology
The main advantage of trading using opposite Jiujiang Shanshui and Sinofibers Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiujiang Shanshui position performs unexpectedly, Sinofibers Technology 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 Sinofibers Technology will offset losses from the drop in Sinofibers Technology'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 |
| Sinofibers Technology vs. Anhui Xinhua Media | Sinofibers Technology vs. Thinkingdom Media Group | Sinofibers Technology vs. Easyhome New Retail | Sinofibers Technology vs. Zhongyin Babi Food |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |