Correlation Between Shandong Publishing and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Shandong Publishing Media and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Shandong Publishing and Jiangsu Bioperfectus 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 Shandong Publishing with a short position of Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Jiangsu Bioperfectus.
Diversification Opportunities for Shandong Publishing and Jiangsu Bioperfectus
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shandong and Jiangsu is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus and Shandong Publishing 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 Shandong Publishing Media are associated (or correlated) with Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Shandong Publishing i.e., Shandong Publishing and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Shandong Publishing and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Shandong Publishing is expected to generate 2.82 times less return on investment than Jiangsu Bioperfectus. But when comparing it to its historical volatility, Shandong Publishing Media is 1.0 times less risky than Jiangsu Bioperfectus. It trades about 0.02 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 5,357 in Jiangsu Bioperfectus Technologies on September 4, 2024 and sell it today you would earn a total of 1,811 from holding Jiangsu Bioperfectus Technologies or generate 33.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Publishing Media vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Shandong Publishing Media |
| Jiangsu Bioperfectus |
Shandong Publishing and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Publishing and Jiangsu Bioperfectus
The main advantage of trading using opposite Shandong Publishing and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Shandong Publishing vs. China Petroleum Chemical | Shandong Publishing vs. PetroChina Co Ltd | Shandong Publishing vs. China State Construction | Shandong Publishing vs. China Railway Group |
| Jiangsu Bioperfectus vs. China Publishing Media | Jiangsu Bioperfectus vs. Kingclean Electric Co | Jiangsu Bioperfectus vs. Shandong Publishing Media | Jiangsu Bioperfectus vs. Luyin Investment Group |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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