Correlation Between Gem Year and Jinsanjiang Silicon
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By analyzing existing cross correlation between Gem Year Industrial Co and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Gem Year and Jinsanjiang 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 Gem Year with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and Jinsanjiang Silicon.
Diversification Opportunities for Gem Year and Jinsanjiang Silicon
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Gem and Jinsanjiang is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Gem Year 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 Gem Year Industrial Co are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Gem Year i.e., Gem Year and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Gem Year and Jinsanjiang Silicon
Assuming the 90 days trading horizon Gem Year Industrial Co is expected to generate 0.68 times more return on investment than Jinsanjiang Silicon. However, Gem Year Industrial Co is 1.46 times less risky than Jinsanjiang Silicon. It trades about 0.14 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.05 per unit of risk. If you would invest 283.00 in Gem Year Industrial Co on October 18, 2024 and sell it today you would earn a total of 159.00 from holding Gem Year Industrial Co or generate 56.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gem Year Industrial Co vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Gem Year Industrial |
| Jinsanjiang Silicon |
Gem Year and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gem Year and Jinsanjiang Silicon
The main advantage of trading using opposite Gem Year and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year position performs unexpectedly, Jinsanjiang 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Gem Year vs. Hubei Geoway Investment | Gem Year vs. Vanfund Urban Investment | Gem Year vs. Kunwu Jiuding Investment | Gem Year vs. Tinavi Medical Technologies |
| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK Industrial |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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