Correlation Between Nantong Jiangshan and Time Publishing
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By analyzing existing cross correlation between Nantong Jiangshan Agrochemical and Time Publishing and, you can compare the effects of market volatilities on Nantong Jiangshan and Time Publishing 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 Nantong Jiangshan with a short position of Time Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nantong Jiangshan and Time Publishing.
Diversification Opportunities for Nantong Jiangshan and Time Publishing
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Nantong and Time is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Nantong Jiangshan Agrochemical and Time Publishing and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Time Publishing and Nantong Jiangshan 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 Nantong Jiangshan Agrochemical are associated (or correlated) with Time Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Time Publishing has no effect on the direction of Nantong Jiangshan i.e., Nantong Jiangshan and Time Publishing go up and down completely randomly.
Pair Corralation between Nantong Jiangshan and Time Publishing
Assuming the 90 days trading horizon Nantong Jiangshan Agrochemical is expected to generate 1.08 times more return on investment than Time Publishing. However, Nantong Jiangshan is 1.08 times more volatile than Time Publishing and. It trades about -0.01 of its potential returns per unit of risk. Time Publishing and is currently generating about -0.02 per unit of risk. If you would invest 1,557 in Nantong Jiangshan Agrochemical on August 30, 2024 and sell it today you would lose (39.00) from holding Nantong Jiangshan Agrochemical or give up 2.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nantong Jiangshan Agrochemical vs. Time Publishing and
Performance |
| Timeline |
| Nantong Jiangshan |
| Time Publishing |
Nantong Jiangshan and Time Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nantong Jiangshan and Time Publishing
The main advantage of trading using opposite Nantong Jiangshan and Time Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nantong Jiangshan position performs unexpectedly, Time Publishing 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 Time Publishing will offset losses from the drop in Time Publishing's long position.| Nantong Jiangshan vs. Zijin Mining Group | Nantong Jiangshan vs. Wanhua Chemical Group | Nantong Jiangshan vs. Baoshan Iron Steel | Nantong Jiangshan vs. Shandong Gold Mining |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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