Correlation Between Jiangsu Yueda and Jiangsu Broadcasting
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Yueda Investment and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Jiangsu Yueda and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and Jiangsu Broadcasting.
Diversification Opportunities for Jiangsu Yueda and Jiangsu Broadcasting
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Jiangsu is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Jiangsu Yueda i.e., Jiangsu Yueda and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and Jiangsu Broadcasting
Assuming the 90 days trading horizon Jiangsu Yueda Investment is expected to generate 1.04 times more return on investment than Jiangsu Broadcasting. However, Jiangsu Yueda is 1.04 times more volatile than Jiangsu Broadcasting Cable. It trades about -0.16 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.23 per unit of risk. If you would invest 450.00 in Jiangsu Yueda Investment on October 28, 2024 and sell it today you would lose (24.00) from holding Jiangsu Yueda Investment or give up 5.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| Jiangsu Broadcasting |
Jiangsu Yueda and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and Jiangsu Broadcasting
The main advantage of trading using opposite Jiangsu Yueda and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda position performs unexpectedly, Jiangsu Broadcasting 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 Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Jiangsu Yueda vs. Andon Health Co | Jiangsu Yueda vs. Dezhan HealthCare Co | Jiangsu Yueda vs. Shandong Sinoglory Health | Jiangsu Yueda vs. Yunnan Jianzhijia Health Chain |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |