Correlation Between China Asset and Jiangnan Mould
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By analyzing existing cross correlation between China Asset Management and Jiangnan Mould Plastic, you can compare the effects of market volatilities on China Asset and Jiangnan Mould 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 China Asset with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Asset and Jiangnan Mould.
Diversification Opportunities for China Asset and Jiangnan Mould
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between China and Jiangnan is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding China Asset Management and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and China Asset 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 China Asset Management are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of China Asset i.e., China Asset and Jiangnan Mould go up and down completely randomly.
Pair Corralation between China Asset and Jiangnan Mould
Assuming the 90 days trading horizon China Asset is expected to generate 1.35 times less return on investment than Jiangnan Mould. But when comparing it to its historical volatility, China Asset Management is 3.31 times less risky than Jiangnan Mould. It trades about 0.09 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 495.00 in Jiangnan Mould Plastic on October 11, 2024 and sell it today you would earn a total of 180.00 from holding Jiangnan Mould Plastic or generate 36.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Asset Management vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| China Asset Management |
| Jiangnan Mould Plastic |
China Asset and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Asset and Jiangnan Mould
The main advantage of trading using opposite China Asset and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Asset position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| China Asset vs. Jiangsu Phoenix Publishing | China Asset vs. Huaxia Fund Management | China Asset vs. China Mobile Limited | China Asset vs. Heilongjiang Publishing Media |
| Jiangnan Mould vs. Nuode Investment Co | Jiangnan Mould vs. Harbin Hatou Investment | Jiangnan Mould vs. Vanfund Urban Investment | Jiangnan Mould vs. China Asset Management |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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