Correlation Between Shanghai Jinfeng and Montage Technology
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By analyzing existing cross correlation between Shanghai Jinfeng Wine and Montage Technology Co, you can compare the effects of market volatilities on Shanghai Jinfeng and Montage Technology 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 Montage Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Jinfeng and Montage Technology.
Diversification Opportunities for Shanghai Jinfeng and Montage Technology
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shanghai and Montage is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Jinfeng Wine and Montage Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Montage Technology 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 Montage Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Montage Technology has no effect on the direction of Shanghai Jinfeng i.e., Shanghai Jinfeng and Montage Technology go up and down completely randomly.
Pair Corralation between Shanghai Jinfeng and Montage Technology
Assuming the 90 days trading horizon Shanghai Jinfeng Wine is expected to under-perform the Montage Technology. But the stock apears to be less risky and, when comparing its historical volatility, Shanghai Jinfeng Wine is 1.76 times less risky than Montage Technology. The stock trades about -0.02 of its potential returns per unit of risk. The Montage Technology Co is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 6,804 in Montage Technology Co on November 27, 2024 and sell it today you would earn a total of 1,180 from holding Montage Technology Co or generate 17.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Shanghai Jinfeng Wine vs. Montage Technology Co
Performance |
Timeline |
Shanghai Jinfeng Wine |
Montage Technology |
Shanghai Jinfeng and Montage Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shanghai Jinfeng and Montage Technology
The main advantage of trading using opposite Shanghai Jinfeng and Montage Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Jinfeng position performs unexpectedly, Montage Technology 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 Montage Technology will offset losses from the drop in Montage Technology's long position.Shanghai Jinfeng vs. CICT Mobile Communication | ||
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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