Correlation Between Saurer Intelligent and Jiangsu Yueda
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By analyzing existing cross correlation between Saurer Intelligent Technology and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Saurer Intelligent and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Jiangsu Yueda.
Diversification Opportunities for Saurer Intelligent and Jiangsu Yueda
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and Jiangsu is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Jiangsu Yueda
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to under-perform the Jiangsu Yueda. In addition to that, Saurer Intelligent is 1.14 times more volatile than Jiangsu Yueda Investment. It trades about -0.01 of its total potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.02 per unit of volatility. If you would invest 467.00 in Jiangsu Yueda Investment on September 2, 2024 and sell it today you would earn a total of 6.00 from holding Jiangsu Yueda Investment or generate 1.28% 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. Jiangsu Yueda Investment
Performance |
| Timeline |
| Saurer Intelligent |
| Jiangsu Yueda Investment |
Saurer Intelligent and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Jiangsu Yueda
The main advantage of trading using opposite Saurer Intelligent and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, Jiangsu Yueda 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 Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Saurer Intelligent vs. China Petroleum Chemical | Saurer Intelligent vs. PetroChina Co Ltd | Saurer Intelligent vs. China State Construction | Saurer Intelligent vs. China Railway Group |
| Jiangsu Yueda vs. China State Construction | Jiangsu Yueda vs. Poly Real Estate | Jiangsu Yueda vs. China Vanke Co | Jiangsu Yueda vs. China Merchants Shekou |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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