Correlation Between Shanghai Jinfeng and Bus Online
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By analyzing existing cross correlation between Shanghai Jinfeng Wine and Bus Online Co, you can compare the effects of market volatilities on Shanghai Jinfeng and Bus Online 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 Shanghai Jinfeng with a short position of Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Jinfeng and Bus Online.
Diversification Opportunities for Shanghai Jinfeng and Bus Online
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shanghai and Bus is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Jinfeng Wine and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online and Shanghai Jinfeng 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 Shanghai Jinfeng Wine are associated (or correlated) with Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Shanghai Jinfeng i.e., Shanghai Jinfeng and Bus Online go up and down completely randomly.
Pair Corralation between Shanghai Jinfeng and Bus Online
Assuming the 90 days trading horizon Shanghai Jinfeng Wine is expected to generate 0.75 times more return on investment than Bus Online. However, Shanghai Jinfeng Wine is 1.34 times less risky than Bus Online. It trades about 0.02 of its potential returns per unit of risk. Bus Online Co is currently generating about 0.0 per unit of risk. If you would invest 641.00 in Shanghai Jinfeng Wine on September 12, 2024 and sell it today you would earn a total of 20.00 from holding Shanghai Jinfeng Wine or generate 3.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Jinfeng Wine vs. Bus Online Co
Performance |
| Timeline |
| Shanghai Jinfeng Wine |
| Bus Online |
Shanghai Jinfeng and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Jinfeng and Bus Online
The main advantage of trading using opposite Shanghai Jinfeng and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Jinfeng position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Shanghai Jinfeng vs. China Petroleum Chemical | Shanghai Jinfeng vs. PetroChina Co Ltd | Shanghai Jinfeng vs. China State Construction | Shanghai Jinfeng vs. China Railway Group |
| Bus Online vs. Gansu Jiu Steel | Bus Online vs. Shandong Mining Machinery | Bus Online vs. Aba Chemicals Corp | Bus Online vs. BlueFocus Communication 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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