Correlation Between Jiangsu Yueda and Hoshine Silicon
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By analyzing existing cross correlation between Jiangsu Yueda Investment and Hoshine Silicon Ind, you can compare the effects of market volatilities on Jiangsu Yueda and Hoshine Silicon 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 Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and Hoshine Silicon.
Diversification Opportunities for Jiangsu Yueda and Hoshine Silicon
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Hoshine is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind 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 Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of Jiangsu Yueda i.e., Jiangsu Yueda and Hoshine Silicon go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and Hoshine Silicon
Assuming the 90 days trading horizon Jiangsu Yueda Investment is expected to generate 2.3 times more return on investment than Hoshine Silicon. However, Jiangsu Yueda is 2.3 times more volatile than Hoshine Silicon Ind. It trades about -0.28 of its potential returns per unit of risk. Hoshine Silicon Ind is currently generating about -0.66 per unit of risk. If you would invest 488.00 in Jiangsu Yueda Investment on October 14, 2024 and sell it today you would lose (67.00) from holding Jiangsu Yueda Investment or give up 13.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. Hoshine Silicon Ind
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| Hoshine Silicon Ind |
Jiangsu Yueda and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and Hoshine Silicon
The main advantage of trading using opposite Jiangsu Yueda and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| Jiangsu Yueda vs. Zhonghong Pulin Medical | Jiangsu Yueda vs. Medprin Regenerative Medical | Jiangsu Yueda vs. Quectel Wireless Solutions | Jiangsu Yueda vs. Hengkang Medical Group |
| Hoshine Silicon vs. Jiangsu Yueda Investment | Hoshine Silicon vs. Henan Shuanghui Investment | Hoshine Silicon vs. Impulse Qingdao Health | Hoshine Silicon vs. Shanghai Material Trading |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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