Correlation Between Hangzhou Gisway and Changsha Jingjia
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By analyzing existing cross correlation between Hangzhou Gisway Information and Changsha Jingjia Microelectronics, you can compare the effects of market volatilities on Hangzhou Gisway and Changsha Jingjia 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 Hangzhou Gisway with a short position of Changsha Jingjia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Changsha Jingjia.
Diversification Opportunities for Hangzhou Gisway and Changsha Jingjia
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hangzhou and Changsha is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Changsha Jingjia Microelectron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changsha Jingjia Mic and Hangzhou Gisway 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 Hangzhou Gisway Information are associated (or correlated) with Changsha Jingjia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changsha Jingjia Mic has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Changsha Jingjia go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Changsha Jingjia
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 1.76 times less return on investment than Changsha Jingjia. In addition to that, Hangzhou Gisway is 1.29 times more volatile than Changsha Jingjia Microelectronics. It trades about 0.12 of its total potential returns per unit of risk. Changsha Jingjia Microelectronics is currently generating about 0.27 per unit of volatility. If you would invest 8,122 in Changsha Jingjia Microelectronics on September 27, 2024 and sell it today you would earn a total of 2,278 from holding Changsha Jingjia Microelectronics or generate 28.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Changsha Jingjia Microelectron
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Changsha Jingjia Mic |
Hangzhou Gisway and Changsha Jingjia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Changsha Jingjia
The main advantage of trading using opposite Hangzhou Gisway and Changsha Jingjia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Changsha Jingjia 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 Changsha Jingjia will offset losses from the drop in Changsha Jingjia's long position.| Hangzhou Gisway vs. Kweichow Moutai Co | Hangzhou Gisway vs. Shenzhen Mindray Bio Medical | Hangzhou Gisway vs. Jiangsu Pacific Quartz | Hangzhou Gisway vs. G bits Network Technology |
| Changsha Jingjia vs. Ming Yang Smart | Changsha Jingjia vs. 159681 | Changsha Jingjia vs. 159005 | Changsha Jingjia vs. Loctek Ergonomic Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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