Correlation Between Saurer Intelligent and Jiujiang Shanshui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Saurer Intelligent Technology and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Saurer Intelligent 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 Saurer Intelligent with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Jiujiang Shanshui.
Diversification Opportunities for Saurer Intelligent and Jiujiang Shanshui
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and Jiujiang is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui and Saurer Intelligent 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 Saurer Intelligent Technology 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 Saurer Intelligent i.e., Saurer Intelligent and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Jiujiang Shanshui
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to generate 2.02 times more return on investment than Jiujiang Shanshui. However, Saurer Intelligent is 2.02 times more volatile than Jiujiang Shanshui Technology. It trades about 0.16 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about 0.22 per unit of risk. If you would invest 174.00 in Saurer Intelligent Technology on August 24, 2024 and sell it today you would earn a total of 23.00 from holding Saurer Intelligent Technology or generate 13.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Saurer Intelligent |
| Jiujiang Shanshui |
Saurer Intelligent and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Jiujiang Shanshui
The main advantage of trading using opposite Saurer Intelligent and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent 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.| Saurer Intelligent vs. Meinian Onehealth Healthcare | Saurer Intelligent vs. Nanxing Furniture Machinery | Saurer Intelligent vs. China Railway Construction | Saurer Intelligent vs. Qijing Machinery |
| Jiujiang Shanshui vs. Zijin Mining Group | Jiujiang Shanshui vs. Wanhua Chemical Group | Jiujiang Shanshui vs. Baoshan Iron Steel | Jiujiang Shanshui vs. Shandong Gold Mining |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |