Correlation Between Jiangxi Lianchuang and Astoria Quality
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By analyzing existing cross correlation between Jiangxi Lianchuang Opto electronic and Astoria Quality Kings, you can compare the effects of market volatilities on Jiangxi Lianchuang and Astoria Quality 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 Jiangxi Lianchuang with a short position of Astoria Quality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Lianchuang and Astoria Quality.
Diversification Opportunities for Jiangxi Lianchuang and Astoria Quality
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangxi and Astoria is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Lianchuang Opto electr and Astoria Quality Kings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astoria Quality Kings and Jiangxi Lianchuang 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 Jiangxi Lianchuang Opto electronic are associated (or correlated) with Astoria Quality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astoria Quality Kings has no effect on the direction of Jiangxi Lianchuang i.e., Jiangxi Lianchuang and Astoria Quality go up and down completely randomly.
Pair Corralation between Jiangxi Lianchuang and Astoria Quality
Assuming the 90 days trading horizon Jiangxi Lianchuang Opto electronic is expected to generate 7.5 times more return on investment than Astoria Quality. However, Jiangxi Lianchuang is 7.5 times more volatile than Astoria Quality Kings. It trades about 0.05 of its potential returns per unit of risk. Astoria Quality Kings is currently generating about 0.14 per unit of risk. If you would invest 4,337 in Jiangxi Lianchuang Opto electronic on September 18, 2024 and sell it today you would earn a total of 103.00 from holding Jiangxi Lianchuang Opto electronic or generate 2.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jiangxi Lianchuang Opto electr vs. Astoria Quality Kings
Performance |
| Timeline |
| Jiangxi Lianchuang Opto |
| Astoria Quality Kings |
Jiangxi Lianchuang and Astoria Quality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Lianchuang and Astoria Quality
The main advantage of trading using opposite Jiangxi Lianchuang and Astoria Quality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Lianchuang position performs unexpectedly, Astoria Quality 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 Astoria Quality will offset losses from the drop in Astoria Quality's long position.| Jiangxi Lianchuang vs. Kweichow Moutai Co | Jiangxi Lianchuang vs. NAURA Technology Group | Jiangxi Lianchuang vs. Zhejiang Orient Gene | Jiangxi Lianchuang vs. APT Medical |
| Astoria Quality vs. FT Vest Equity | Astoria Quality vs. Northern Lights | Astoria Quality vs. Dimensional International High | Astoria Quality vs. JPMorgan Fundamental Data |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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