Correlation Between Hubei Geoway and Jiujiang Shanshui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hubei Geoway Investment and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Hubei Geoway and Jiujiang Shanshui 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 Hubei Geoway with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Jiujiang Shanshui.
Diversification Opportunities for Hubei Geoway and Jiujiang Shanshui
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hubei and Jiujiang is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui and Hubei Geoway 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 Hubei Geoway Investment are associated (or correlated) with Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Hubei Geoway and Jiujiang Shanshui
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to under-perform the Jiujiang Shanshui. In addition to that, Hubei Geoway is 2.01 times more volatile than Jiujiang Shanshui Technology. It trades about -0.41 of its total potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about -0.2 per unit of volatility. If you would invest 1,605 in Jiujiang Shanshui Technology on October 18, 2024 and sell it today you would lose (123.00) from holding Jiujiang Shanshui Technology or give up 7.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Hubei Geoway Investment |
| Jiujiang Shanshui |
Hubei Geoway and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Jiujiang Shanshui
The main advantage of trading using opposite Hubei Geoway and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Hubei Geoway vs. Lootom Telcovideo Network | Hubei Geoway vs. China Asset Management | Hubei Geoway vs. Postal Savings Bank | Hubei Geoway vs. Anhui Jianghuai Automobile |
| Jiujiang Shanshui vs. Nanjing Putian Telecommunications | Jiujiang Shanshui vs. Time Publishing and | Jiujiang Shanshui vs. Xinhua Winshare Publishing | Jiujiang Shanshui vs. Ningbo Fangzheng Automobile |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |