Correlation Between Jiangsu Broadcasting and Industrial
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By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Industrial and Commercial, you can compare the effects of market volatilities on Jiangsu Broadcasting and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Industrial.
Diversification Opportunities for Jiangsu Broadcasting and Industrial
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiangsu and Industrial is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Jiangsu Broadcasting i.e., Jiangsu Broadcasting and Industrial go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Industrial
Assuming the 90 days trading horizon Jiangsu Broadcasting Cable is expected to generate 2.26 times more return on investment than Industrial. However, Jiangsu Broadcasting is 2.26 times more volatile than Industrial and Commercial. It trades about 0.03 of its potential returns per unit of risk. Industrial and Commercial is currently generating about -0.01 per unit of risk. If you would invest 342.00 in Jiangsu Broadcasting Cable on August 27, 2024 and sell it today you would earn a total of 3.00 from holding Jiangsu Broadcasting Cable or generate 0.88% 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. Industrial and Commercial
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Industrial and Commercial |
Jiangsu Broadcasting and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Industrial
The main advantage of trading using opposite Jiangsu Broadcasting and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Jiangsu Broadcasting vs. Industrial and Commercial | Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. China Construction Bank | Jiangsu Broadcasting vs. Bank of China |
| Industrial vs. MayAir Technology Co | Industrial vs. Hubei Yingtong Telecommunication | Industrial vs. Jilin Jlu Communication | Industrial vs. Eastern Communications Co |
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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