Correlation Between 360 Security and Guangdong Jingyi
Specify exactly 2 symbols:
By analyzing existing cross correlation between 360 Security Technology and Guangdong Jingyi Metal, you can compare the effects of market volatilities on 360 Security and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Guangdong Jingyi.
Diversification Opportunities for 360 Security and Guangdong Jingyi
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 360 and Guangdong is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of 360 Security i.e., 360 Security and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between 360 Security and Guangdong Jingyi
Assuming the 90 days trading horizon 360 Security is expected to generate 1.05 times less return on investment than Guangdong Jingyi. In addition to that, 360 Security is 1.08 times more volatile than Guangdong Jingyi Metal. It trades about 0.07 of its total potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.08 per unit of volatility. If you would invest 449.00 in Guangdong Jingyi Metal on November 4, 2024 and sell it today you would earn a total of 280.00 from holding Guangdong Jingyi Metal or generate 62.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| 360 Security Technology |
| Guangdong Jingyi Metal |
360 Security and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Guangdong Jingyi
The main advantage of trading using opposite 360 Security and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| 360 Security vs. HengFeng Information Technology | 360 Security vs. Zhongfu Information | 360 Security vs. Hygon Information Technology | 360 Security vs. Sublime China Information |
| Guangdong Jingyi vs. Allmed Medical Products | Guangdong Jingyi vs. Hengkang Medical Group | Guangdong Jingyi vs. Touchstone International Medical | Guangdong Jingyi vs. Chengtun Mining 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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |