Correlation Between Zhangjiagang Freetrade and Shaanxi Meineng
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhangjiagang Freetrade Science and Shaanxi Meineng Clean, you can compare the effects of market volatilities on Zhangjiagang Freetrade and Shaanxi Meineng 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 Zhangjiagang Freetrade with a short position of Shaanxi Meineng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhangjiagang Freetrade and Shaanxi Meineng.
Diversification Opportunities for Zhangjiagang Freetrade and Shaanxi Meineng
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zhangjiagang and Shaanxi is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Zhangjiagang Freetrade Science and Shaanxi Meineng Clean in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Meineng Clean and Zhangjiagang Freetrade 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 Zhangjiagang Freetrade Science are associated (or correlated) with Shaanxi Meineng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Meineng Clean has no effect on the direction of Zhangjiagang Freetrade i.e., Zhangjiagang Freetrade and Shaanxi Meineng go up and down completely randomly.
Pair Corralation between Zhangjiagang Freetrade and Shaanxi Meineng
Assuming the 90 days trading horizon Zhangjiagang Freetrade Science is expected to generate 1.21 times more return on investment than Shaanxi Meineng. However, Zhangjiagang Freetrade is 1.21 times more volatile than Shaanxi Meineng Clean. It trades about 0.08 of its potential returns per unit of risk. Shaanxi Meineng Clean is currently generating about 0.0 per unit of risk. If you would invest 373.00 in Zhangjiagang Freetrade Science on September 12, 2024 and sell it today you would earn a total of 16.00 from holding Zhangjiagang Freetrade Science or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhangjiagang Freetrade Science vs. Shaanxi Meineng Clean
Performance |
| Timeline |
| Zhangjiagang Freetrade |
| Shaanxi Meineng Clean |
Zhangjiagang Freetrade and Shaanxi Meineng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhangjiagang Freetrade and Shaanxi Meineng
The main advantage of trading using opposite Zhangjiagang Freetrade and Shaanxi Meineng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhangjiagang Freetrade position performs unexpectedly, Shaanxi Meineng 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 Shaanxi Meineng will offset losses from the drop in Shaanxi Meineng's long position.| Zhangjiagang Freetrade vs. Agricultural Bank of | Zhangjiagang Freetrade vs. Industrial and Commercial | Zhangjiagang Freetrade vs. Bank of China | Zhangjiagang Freetrade vs. PetroChina Co Ltd |
| Shaanxi Meineng vs. Gansu Jiu Steel | Shaanxi Meineng vs. Shandong Mining Machinery | Shaanxi Meineng vs. Aba Chemicals Corp | Shaanxi Meineng 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |