Correlation Between Ningbo Jintian and Jinsanjiang Silicon
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Jintian Copper and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Ningbo Jintian 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 Ningbo Jintian with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Jinsanjiang Silicon.
Diversification Opportunities for Ningbo Jintian and Jinsanjiang Silicon
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Jinsanjiang is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Ningbo Jintian 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 Ningbo Jintian Copper 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 Ningbo Jintian i.e., Ningbo Jintian and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Jinsanjiang Silicon
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to generate 0.41 times more return on investment than Jinsanjiang Silicon. However, Ningbo Jintian Copper is 2.44 times less risky than Jinsanjiang Silicon. It trades about -0.12 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about -0.09 per unit of risk. If you would invest 625.00 in Ningbo Jintian Copper on October 18, 2024 and sell it today you would lose (37.00) from holding Ningbo Jintian Copper or give up 5.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Jinsanjiang Silicon |
Ningbo Jintian and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Jinsanjiang Silicon
The main advantage of trading using opposite Ningbo Jintian and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian 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.| Ningbo Jintian vs. Threes Company Media | Ningbo Jintian vs. Guangzhou Jinyi Media | Ningbo Jintian vs. Changjiang Publishing Media | Ningbo Jintian vs. Anhui Xinhua Media |
| Jinsanjiang Silicon vs. Dr Peng Telecom | Jinsanjiang Silicon vs. Tibet Huayu Mining | Jinsanjiang Silicon vs. Ningbo Jintian Copper | Jinsanjiang Silicon vs. Guangxi Wuzhou Communications |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |