Correlation Between Beijing Sanyuan and Jiangsu Phoenix
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By analyzing existing cross correlation between Beijing Sanyuan Foods and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Beijing Sanyuan and Jiangsu Phoenix 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 Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Sanyuan and Jiangsu Phoenix.
Diversification Opportunities for Beijing Sanyuan and Jiangsu Phoenix
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beijing and Jiangsu is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Sanyuan Foods and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Beijing Sanyuan i.e., Beijing Sanyuan and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Beijing Sanyuan and Jiangsu Phoenix
If you would invest 1,102 in Jiangsu Phoenix Publishing on November 23, 2024 and sell it today you would lose (7.00) from holding Jiangsu Phoenix Publishing or give up 0.64% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Sanyuan Foods vs. Jiangsu Phoenix Publishing
Performance |
Timeline |
Beijing Sanyuan Foods |
Jiangsu Phoenix Publ |
Beijing Sanyuan and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Sanyuan and Jiangsu Phoenix
The main advantage of trading using opposite Beijing Sanyuan and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Sanyuan position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.Beijing Sanyuan vs. Nancal Energy Saving Tech | ||
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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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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