Correlation Between Jiangsu Zhongtian and Grandblue Environment
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By analyzing existing cross correlation between Jiangsu Zhongtian Technology and Grandblue Environment Co, you can compare the effects of market volatilities on Jiangsu Zhongtian and Grandblue Environment 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 Jiangsu Zhongtian with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Zhongtian and Grandblue Environment.
Diversification Opportunities for Jiangsu Zhongtian and Grandblue Environment
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Grandblue is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Zhongtian Technology and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Jiangsu Zhongtian 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 Jiangsu Zhongtian Technology are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Jiangsu Zhongtian i.e., Jiangsu Zhongtian and Grandblue Environment go up and down completely randomly.
Pair Corralation between Jiangsu Zhongtian and Grandblue Environment
Assuming the 90 days trading horizon Jiangsu Zhongtian Technology is expected to under-perform the Grandblue Environment. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Zhongtian Technology is 1.28 times less risky than Grandblue Environment. The stock trades about -0.71 of its potential returns per unit of risk. The Grandblue Environment Co is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 2,249 in Grandblue Environment Co on October 13, 2024 and sell it today you would lose (55.00) from holding Grandblue Environment Co or give up 2.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Zhongtian Technology vs. Grandblue Environment Co
Performance |
| Timeline |
| Jiangsu Zhongtian |
| Grandblue Environment |
Jiangsu Zhongtian and Grandblue Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Zhongtian and Grandblue Environment
The main advantage of trading using opposite Jiangsu Zhongtian and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Zhongtian position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.| Jiangsu Zhongtian vs. Shanghai Yaoji Playing | Jiangsu Zhongtian vs. Sinomach General Machinery | Jiangsu Zhongtian vs. Shannon Semiconductor Technology | Jiangsu Zhongtian vs. Shanghai V Test Semiconductor |
| Grandblue Environment vs. PKU HealthCare Corp | Grandblue Environment vs. Humanwell Healthcare Group | Grandblue Environment vs. China Asset Management | Grandblue Environment vs. Everjoy Health Group |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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