Correlation Between Jiangsu Broadcasting and Yunnan Copper
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By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Yunnan Copper Co, you can compare the effects of market volatilities on Jiangsu Broadcasting and Yunnan Copper 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 Broadcasting with a short position of Yunnan Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Yunnan Copper.
Diversification Opportunities for Jiangsu Broadcasting and Yunnan Copper
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Yunnan is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable and Yunnan Copper Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Copper and Jiangsu Broadcasting 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 Broadcasting Cable are associated (or correlated) with Yunnan Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Copper has no effect on the direction of Jiangsu Broadcasting i.e., Jiangsu Broadcasting and Yunnan Copper go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Yunnan Copper
Assuming the 90 days trading horizon Jiangsu Broadcasting is expected to generate 1.16 times less return on investment than Yunnan Copper. But when comparing it to its historical volatility, Jiangsu Broadcasting Cable is 1.03 times less risky than Yunnan Copper. It trades about 0.01 of its potential returns per unit of risk. Yunnan Copper Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,201 in Yunnan Copper Co on October 30, 2024 and sell it today you would earn a total of 70.00 from holding Yunnan Copper Co or generate 5.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Broadcasting Cable vs. Yunnan Copper Co
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Yunnan Copper |
Jiangsu Broadcasting and Yunnan Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Yunnan Copper
The main advantage of trading using opposite Jiangsu Broadcasting and Yunnan Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting position performs unexpectedly, Yunnan Copper 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 Yunnan Copper will offset losses from the drop in Yunnan Copper's long position.| Jiangsu Broadcasting vs. Panda Financial Holding | Jiangsu Broadcasting vs. Xiamen Bank Co | Jiangsu Broadcasting vs. Hua Xia Bank | Jiangsu Broadcasting vs. V V Food |
| Yunnan Copper vs. Tongding Interconnection Information | Yunnan Copper vs. Qiming Information Technology | Yunnan Copper vs. Jiugui Liquor Co | Yunnan Copper vs. Guangzhou Tinci Materials |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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