Correlation Between 360 Security and Jinsanjiang Silicon
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By analyzing existing cross correlation between 360 Security Technology and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on 360 Security 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 360 Security with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Jinsanjiang Silicon.
Diversification Opportunities for 360 Security and Jinsanjiang Silicon
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 360 and Jinsanjiang is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon 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 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 360 Security i.e., 360 Security and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between 360 Security and Jinsanjiang Silicon
Assuming the 90 days trading horizon 360 Security Technology is expected to under-perform the Jinsanjiang Silicon. But the stock apears to be less risky and, when comparing its historical volatility, 360 Security Technology is 1.98 times less risky than Jinsanjiang Silicon. The stock trades about -0.5 of its potential returns per unit of risk. The Jinsanjiang Silicon Material is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 1,166 in Jinsanjiang Silicon Material on October 13, 2024 and sell it today you would lose (185.00) from holding Jinsanjiang Silicon Material or give up 15.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| 360 Security Technology |
| Jinsanjiang Silicon |
360 Security and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Jinsanjiang Silicon
The main advantage of trading using opposite 360 Security and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security 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.| 360 Security vs. Shanghai Phichem Material | 360 Security vs. Huatian Hotel Group | 360 Security vs. Anhui Transport Consulting | 360 Security vs. Longjian Road Bridge |
| Jinsanjiang Silicon vs. 360 Security Technology | Jinsanjiang Silicon vs. Servyou Software Group | Jinsanjiang Silicon vs. Linewell Software Co | Jinsanjiang Silicon vs. Glodon Software Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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