Correlation Between Kunwu Jiuding and Shijiazhuang Yiling
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By analyzing existing cross correlation between Kunwu Jiuding Investment and Shijiazhuang Yiling Pharmaceutical, you can compare the effects of market volatilities on Kunwu Jiuding and Shijiazhuang Yiling 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 Kunwu Jiuding with a short position of Shijiazhuang Yiling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunwu Jiuding and Shijiazhuang Yiling.
Diversification Opportunities for Kunwu Jiuding and Shijiazhuang Yiling
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kunwu and Shijiazhuang is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Kunwu Jiuding Investment and Shijiazhuang Yiling Pharmaceut in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shijiazhuang Yiling and Kunwu Jiuding 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 Kunwu Jiuding Investment are associated (or correlated) with Shijiazhuang Yiling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shijiazhuang Yiling has no effect on the direction of Kunwu Jiuding i.e., Kunwu Jiuding and Shijiazhuang Yiling go up and down completely randomly.
Pair Corralation between Kunwu Jiuding and Shijiazhuang Yiling
Assuming the 90 days trading horizon Kunwu Jiuding Investment is expected to generate 1.98 times more return on investment than Shijiazhuang Yiling. However, Kunwu Jiuding is 1.98 times more volatile than Shijiazhuang Yiling Pharmaceutical. It trades about 0.03 of its potential returns per unit of risk. Shijiazhuang Yiling Pharmaceutical is currently generating about -0.04 per unit of risk. If you would invest 1,443 in Kunwu Jiuding Investment on September 14, 2024 and sell it today you would earn a total of 210.00 from holding Kunwu Jiuding Investment or generate 14.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.58% |
| Values | Daily Returns |
Kunwu Jiuding Investment vs. Shijiazhuang Yiling Pharmaceut
Performance |
| Timeline |
| Kunwu Jiuding Investment |
| Shijiazhuang Yiling |
Kunwu Jiuding and Shijiazhuang Yiling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kunwu Jiuding and Shijiazhuang Yiling
The main advantage of trading using opposite Kunwu Jiuding and Shijiazhuang Yiling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunwu Jiuding position performs unexpectedly, Shijiazhuang Yiling 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 Shijiazhuang Yiling will offset losses from the drop in Shijiazhuang Yiling's long position.| Kunwu Jiuding vs. Lier Chemical Co | Kunwu Jiuding vs. Shenyang Chemical Industry | Kunwu Jiuding vs. Guangzhou Jinyi Media | Kunwu Jiuding vs. Beijing Jiaman Dress |
| Shijiazhuang Yiling vs. BeiGene | Shijiazhuang Yiling vs. Kweichow Moutai Co | Shijiazhuang Yiling vs. Beijing Roborock Technology | Shijiazhuang Yiling vs. G bits Network 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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