Correlation Between Heilongjiang Transport and Jiangnan Mould
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By analyzing existing cross correlation between Heilongjiang Transport Development and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Heilongjiang Transport and Jiangnan Mould 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 Heilongjiang Transport with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Transport and Jiangnan Mould.
Diversification Opportunities for Heilongjiang Transport and Jiangnan Mould
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Heilongjiang and Jiangnan is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Transport Develop and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Heilongjiang Transport 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 Heilongjiang Transport Development are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Heilongjiang Transport i.e., Heilongjiang Transport and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Heilongjiang Transport and Jiangnan Mould
Assuming the 90 days trading horizon Heilongjiang Transport Development is expected to under-perform the Jiangnan Mould. In addition to that, Heilongjiang Transport is 1.03 times more volatile than Jiangnan Mould Plastic. It trades about -0.46 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about -0.14 per unit of volatility. If you would invest 748.00 in Jiangnan Mould Plastic on October 16, 2024 and sell it today you would lose (51.00) from holding Jiangnan Mould Plastic or give up 6.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Transport Develop vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Heilongjiang Transport |
| Jiangnan Mould Plastic |
Heilongjiang Transport and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Transport and Jiangnan Mould
The main advantage of trading using opposite Heilongjiang Transport and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Transport position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Heilongjiang Transport vs. Winner Medical Co | Heilongjiang Transport vs. Ningxia Younglight Chemicals | Heilongjiang Transport vs. Cowealth Medical China | Heilongjiang Transport vs. Jahen Household Products |
| Jiangnan Mould vs. Heilongjiang Transport Development | Jiangnan Mould vs. Shanghai Broadband Technology | Jiangnan Mould vs. Jiangsu Broadcasting Cable | Jiangnan Mould vs. Zhongrun Resources Investment |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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