Correlation Between Hangzhou Gisway and Ningbo Jintian
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By analyzing existing cross correlation between Hangzhou Gisway Information and Ningbo Jintian Copper, you can compare the effects of market volatilities on Hangzhou Gisway and Ningbo Jintian 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 Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Ningbo Jintian.
Diversification Opportunities for Hangzhou Gisway and Ningbo Jintian
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Ningbo is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Ningbo Jintian
Assuming the 90 days trading horizon Hangzhou Gisway Information is expected to under-perform the Ningbo Jintian. In addition to that, Hangzhou Gisway is 1.83 times more volatile than Ningbo Jintian Copper. It trades about -0.15 of its total potential returns per unit of risk. Ningbo Jintian Copper is currently generating about -0.08 per unit of volatility. If you would invest 627.00 in Ningbo Jintian Copper on October 28, 2024 and sell it today you would lose (19.00) from holding Ningbo Jintian Copper or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Ningbo Jintian Copper
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Ningbo Jintian Copper |
Hangzhou Gisway and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Ningbo Jintian
The main advantage of trading using opposite Hangzhou Gisway and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Hangzhou Gisway vs. Hubei Geoway Investment | Hangzhou Gisway vs. Winner Medical Co | Hangzhou Gisway vs. Qingdao Haier Biomedical | Hangzhou Gisway vs. Zhongzhu Medical Holdings |
| Ningbo Jintian vs. Zijin Mining Group | Ningbo Jintian vs. Wanhua Chemical Group | Ningbo Jintian vs. Baoshan Iron Steel | Ningbo Jintian vs. Shandong Gold Mining |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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