Correlation Between Beijing Sanyuan and Jiangnan Mould
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By analyzing existing cross correlation between Beijing Sanyuan Foods and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Beijing Sanyuan 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 Beijing Sanyuan with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Sanyuan and Jiangnan Mould.
Diversification Opportunities for Beijing Sanyuan and Jiangnan Mould
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Jiangnan is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Sanyuan Foods 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 Beijing Sanyuan 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 Beijing Sanyuan Foods 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 Beijing Sanyuan i.e., Beijing Sanyuan and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Beijing Sanyuan and Jiangnan Mould
Assuming the 90 days trading horizon Beijing Sanyuan Foods is expected to under-perform the Jiangnan Mould. In addition to that, Beijing Sanyuan is 1.19 times more volatile than Jiangnan Mould Plastic. It trades about -0.17 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.05 per unit of volatility. If you would invest 681.00 in Jiangnan Mould Plastic on November 1, 2024 and sell it today you would earn a total of 10.00 from holding Jiangnan Mould Plastic or generate 1.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Sanyuan Foods vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Beijing Sanyuan Foods |
| Jiangnan Mould Plastic |
Beijing Sanyuan and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Sanyuan and Jiangnan Mould
The main advantage of trading using opposite Beijing Sanyuan and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Sanyuan 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.| Beijing Sanyuan vs. Lander Sports Development | Beijing Sanyuan vs. Chengdu B ray Media | Beijing Sanyuan vs. Heilongjiang Publishing Media | Beijing Sanyuan vs. Cultural Investment Holdings |
| Jiangnan Mould vs. Linkage Software Co | Jiangnan Mould vs. Hangzhou Pinming Software | Jiangnan Mould vs. Keda Clean Energy | Jiangnan Mould vs. Beijing Sanyuan Foods |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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