Correlation Between Beijing Jiaman and Marssenger Kitchenware
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Jiaman Dress and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Beijing Jiaman and Marssenger Kitchenware 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 Beijing Jiaman with a short position of Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Jiaman and Marssenger Kitchenware.
Diversification Opportunities for Beijing Jiaman and Marssenger Kitchenware
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Marssenger is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Jiaman Dress and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware and Beijing Jiaman 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 Beijing Jiaman Dress are associated (or correlated) with Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Beijing Jiaman i.e., Beijing Jiaman and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Beijing Jiaman and Marssenger Kitchenware
Assuming the 90 days trading horizon Beijing Jiaman Dress is expected to under-perform the Marssenger Kitchenware. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Jiaman Dress is 1.62 times less risky than Marssenger Kitchenware. The stock trades about -0.03 of its potential returns per unit of risk. The Marssenger Kitchenware Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,851 in Marssenger Kitchenware Co on September 26, 2024 and sell it today you would lose (371.00) from holding Marssenger Kitchenware Co or give up 20.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Jiaman Dress vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Beijing Jiaman Dress |
| Marssenger Kitchenware |
Beijing Jiaman and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Jiaman and Marssenger Kitchenware
The main advantage of trading using opposite Beijing Jiaman and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Jiaman position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Beijing Jiaman vs. Agricultural Bank of | Beijing Jiaman vs. Industrial and Commercial | Beijing Jiaman vs. Bank of China | Beijing Jiaman vs. China Construction Bank |
| Marssenger Kitchenware vs. Lutian Machinery Co | Marssenger Kitchenware vs. Nanxing Furniture Machinery | Marssenger Kitchenware vs. Beijing Jiaman Dress | Marssenger Kitchenware vs. Jiaozuo Wanfang Aluminum |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |