Correlation Between Ningbo Jintian and Shandong Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Jintian Copper and Shandong Publishing Media, you can compare the effects of market volatilities on Ningbo Jintian and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Shandong Publishing.
Diversification Opportunities for Ningbo Jintian and Shandong Publishing
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ningbo and Shandong is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Ningbo Jintian i.e., Ningbo Jintian and Shandong Publishing go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Shandong Publishing
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to under-perform the Shandong Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Jintian Copper is 1.41 times less risky than Shandong Publishing. The stock trades about -0.01 of its potential returns per unit of risk. The Shandong Publishing Media is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 612.00 in Shandong Publishing Media on September 3, 2024 and sell it today you would earn a total of 453.00 from holding Shandong Publishing Media or generate 74.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Shandong Publishing Media
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Shandong Publishing Media |
Ningbo Jintian and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Shandong Publishing
The main advantage of trading using opposite Ningbo Jintian and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Ningbo Jintian vs. Jinhe Biotechnology Co | Ningbo Jintian vs. Kangping Technology Co | Ningbo Jintian vs. HUAQIN TECHNOLOGY LTD | Ningbo Jintian vs. Guangdong Liantai Environmental |
| Shandong Publishing vs. Gansu Jiu Steel | Shandong Publishing vs. Ming Yang Smart | Shandong Publishing vs. Aba Chemicals Corp | Shandong Publishing vs. Loctek Ergonomic Technology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |