Correlation Between 360 Security and Jiangnan Mould
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By analyzing existing cross correlation between 360 Security Technology and Jiangnan Mould Plastic, you can compare the effects of market volatilities on 360 Security 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 360 Security with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Jiangnan Mould.
Diversification Opportunities for 360 Security and Jiangnan Mould
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 360 and Jiangnan is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology 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 360 Security 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 360 Security Technology 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 360 Security i.e., 360 Security and Jiangnan Mould go up and down completely randomly.
Pair Corralation between 360 Security and Jiangnan Mould
Assuming the 90 days trading horizon 360 Security Technology is expected to under-perform the Jiangnan Mould. In addition to that, 360 Security is 1.3 times more volatile than Jiangnan Mould Plastic. It trades about -0.39 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about -0.3 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 (85.00) from holding Jiangnan Mould Plastic or give up 11.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
360 Security Technology vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| 360 Security Technology |
| Jiangnan Mould Plastic |
360 Security and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Jiangnan Mould
The main advantage of trading using opposite 360 Security and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security 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.| 360 Security vs. China Life Insurance | 360 Security vs. Cinda Securities Co | 360 Security vs. Piotech Inc A | 360 Security vs. Dongxing Sec Co |
| 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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