Correlation Between Changjiang Jinggong and De Rucci
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By analyzing existing cross correlation between Changjiang Jinggong Steel and De Rucci Healthy, you can compare the effects of market volatilities on Changjiang Jinggong and De Rucci 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 Changjiang Jinggong with a short position of De Rucci. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Jinggong and De Rucci.
Diversification Opportunities for Changjiang Jinggong and De Rucci
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Changjiang and 001323 is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Jinggong Steel and De Rucci Healthy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on De Rucci Healthy and Changjiang Jinggong 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 Changjiang Jinggong Steel are associated (or correlated) with De Rucci. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of De Rucci Healthy has no effect on the direction of Changjiang Jinggong i.e., Changjiang Jinggong and De Rucci go up and down completely randomly.
Pair Corralation between Changjiang Jinggong and De Rucci
Assuming the 90 days trading horizon Changjiang Jinggong Steel is expected to under-perform the De Rucci. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Jinggong Steel is 1.39 times less risky than De Rucci. The stock trades about -0.04 of its potential returns per unit of risk. The De Rucci Healthy is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,295 in De Rucci Healthy on October 13, 2024 and sell it today you would earn a total of 321.00 from holding De Rucci Healthy or generate 9.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Jinggong Steel vs. De Rucci Healthy
Performance |
| Timeline |
| Changjiang Jinggong Steel |
| De Rucci Healthy |
Changjiang Jinggong and De Rucci Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Jinggong and De Rucci
The main advantage of trading using opposite Changjiang Jinggong and De Rucci positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Jinggong position performs unexpectedly, De Rucci 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 De Rucci will offset losses from the drop in De Rucci's long position.| Changjiang Jinggong vs. Agricultural Bank of | Changjiang Jinggong vs. Industrial and Commercial | Changjiang Jinggong vs. Bank of China | Changjiang Jinggong vs. PetroChina Co Ltd |
| De Rucci vs. Shandong Iron and | De Rucci vs. Chenzhou Jingui Silver | De Rucci vs. Fujian Oriental Silver | De Rucci vs. Changjiang Jinggong Steel |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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