Correlation Between Jiujiang Shanshui and Hangzhou EZVIZ
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By analyzing existing cross correlation between Jiujiang Shanshui Technology and Hangzhou EZVIZ Network, you can compare the effects of market volatilities on Jiujiang Shanshui and Hangzhou EZVIZ 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 Hangzhou EZVIZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiujiang Shanshui and Hangzhou EZVIZ.
Diversification Opportunities for Jiujiang Shanshui and Hangzhou EZVIZ
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiujiang and Hangzhou is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Jiujiang Shanshui Technology and Hangzhou EZVIZ Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou EZVIZ Network 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 Hangzhou EZVIZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou EZVIZ Network has no effect on the direction of Jiujiang Shanshui i.e., Jiujiang Shanshui and Hangzhou EZVIZ go up and down completely randomly.
Pair Corralation between Jiujiang Shanshui and Hangzhou EZVIZ
Assuming the 90 days trading horizon Jiujiang Shanshui Technology is expected to generate 0.84 times more return on investment than Hangzhou EZVIZ. However, Jiujiang Shanshui Technology is 1.19 times less risky than Hangzhou EZVIZ. It trades about 0.05 of its potential returns per unit of risk. Hangzhou EZVIZ Network is currently generating about -0.02 per unit of risk. If you would invest 1,388 in Jiujiang Shanshui Technology on September 26, 2024 and sell it today you would earn a total of 179.00 from holding Jiujiang Shanshui Technology or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiujiang Shanshui Technology vs. Hangzhou EZVIZ Network
Performance |
| Timeline |
| Jiujiang Shanshui |
| Hangzhou EZVIZ Network |
Jiujiang Shanshui and Hangzhou EZVIZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiujiang Shanshui and Hangzhou EZVIZ
The main advantage of trading using opposite Jiujiang Shanshui and Hangzhou EZVIZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiujiang Shanshui position performs unexpectedly, Hangzhou EZVIZ 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 Hangzhou EZVIZ will offset losses from the drop in Hangzhou EZVIZ's long position.| Jiujiang Shanshui vs. ButOne Information Corp | Jiujiang Shanshui vs. Talkweb Information System | Jiujiang Shanshui vs. Northking Information Technology | Jiujiang Shanshui vs. Emdoor Information Co |
| Hangzhou EZVIZ vs. Hubeiyichang Transportation Group | Hangzhou EZVIZ vs. Hengli Petrochemical Co | Hangzhou EZVIZ vs. Sichuan Fulin Transportation | Hangzhou EZVIZ vs. RoadMain T Co |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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