Correlation Between Jiangsu Broadcasting and Hubei Geoway
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Hubei Geoway Investment, you can compare the effects of market volatilities on Jiangsu Broadcasting and Hubei Geoway 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 Hubei Geoway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Hubei Geoway.
Diversification Opportunities for Jiangsu Broadcasting and Hubei Geoway
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Hubei is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable and Hubei Geoway Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Geoway Investment 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 Hubei Geoway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Geoway Investment has no effect on the direction of Jiangsu Broadcasting i.e., Jiangsu Broadcasting and Hubei Geoway go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Hubei Geoway
Assuming the 90 days trading horizon Jiangsu Broadcasting Cable is expected to under-perform the Hubei Geoway. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Broadcasting Cable is 2.86 times less risky than Hubei Geoway. The stock trades about -0.76 of its potential returns per unit of risk. The Hubei Geoway Investment is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 173.00 in Hubei Geoway Investment on October 12, 2024 and sell it today you would lose (24.00) from holding Hubei Geoway Investment or give up 13.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Broadcasting Cable vs. Hubei Geoway Investment
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Hubei Geoway Investment |
Jiangsu Broadcasting and Hubei Geoway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Hubei Geoway
The main advantage of trading using opposite Jiangsu Broadcasting and Hubei Geoway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting position performs unexpectedly, Hubei Geoway 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 Hubei Geoway will offset losses from the drop in Hubei Geoway's long position.| Jiangsu Broadcasting vs. Guangdong Xiongsu Technology | Jiangsu Broadcasting vs. ROPEOK Technology Group | Jiangsu Broadcasting vs. 360 Security Technology | Jiangsu Broadcasting vs. Songz Automobile Air |
| Hubei Geoway vs. Jiangsu Broadcasting Cable | Hubei Geoway vs. Guangzhou Tinci Materials | Hubei Geoway vs. Hangzhou Gaoxin Rubber | Hubei Geoway vs. Anshan Senyuan Road |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |