Correlation Between Jiangsu Yueda and Hangzhou Gisway
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By analyzing existing cross correlation between Jiangsu Yueda Investment and Hangzhou Gisway Information, you can compare the effects of market volatilities on Jiangsu Yueda and Hangzhou Gisway 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 Jiangsu Yueda with a short position of Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and Hangzhou Gisway.
Diversification Opportunities for Jiangsu Yueda and Hangzhou Gisway
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Hangzhou is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info and Jiangsu Yueda 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 Jiangsu Yueda Investment are associated (or correlated) with Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of Jiangsu Yueda i.e., Jiangsu Yueda and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and Hangzhou Gisway
Assuming the 90 days trading horizon Jiangsu Yueda Investment is expected to generate 0.92 times more return on investment than Hangzhou Gisway. However, Jiangsu Yueda Investment is 1.09 times less risky than Hangzhou Gisway. It trades about 0.23 of its potential returns per unit of risk. Hangzhou Gisway Information is currently generating about 0.18 per unit of risk. If you would invest 446.00 in Jiangsu Yueda Investment on September 5, 2024 and sell it today you would earn a total of 51.00 from holding Jiangsu Yueda Investment or generate 11.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. Hangzhou Gisway Information
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| Hangzhou Gisway Info |
Jiangsu Yueda and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and Hangzhou Gisway
The main advantage of trading using opposite Jiangsu Yueda and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| Jiangsu Yueda vs. Rising Nonferrous Metals | Jiangsu Yueda vs. Shaanxi Meineng Clean | Jiangsu Yueda vs. Lonkey Industrial Co | Jiangsu Yueda vs. Ningbo Ligong Online |
| Hangzhou Gisway vs. Hang Xiao Steel | Hangzhou Gisway vs. Anhui Deli Household | Hangzhou Gisway vs. City Development Environment | Hangzhou Gisway vs. Aofu Environmental Technology |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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