Correlation Between Postal Savings and Changsha Jingjia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Postal Savings Bank and Changsha Jingjia Microelectronics, you can compare the effects of market volatilities on Postal Savings and Changsha Jingjia 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 Postal Savings with a short position of Changsha Jingjia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Changsha Jingjia.
Diversification Opportunities for Postal Savings and Changsha Jingjia
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Postal and Changsha is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Changsha Jingjia Microelectron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changsha Jingjia Mic and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Changsha Jingjia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changsha Jingjia Mic has no effect on the direction of Postal Savings i.e., Postal Savings and Changsha Jingjia go up and down completely randomly.
Pair Corralation between Postal Savings and Changsha Jingjia
Assuming the 90 days trading horizon Postal Savings is expected to generate 3.87 times less return on investment than Changsha Jingjia. But when comparing it to its historical volatility, Postal Savings Bank is 2.67 times less risky than Changsha Jingjia. It trades about 0.03 of its potential returns per unit of risk. Changsha Jingjia Microelectronics is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 6,045 in Changsha Jingjia Microelectronics on October 15, 2024 and sell it today you would earn a total of 2,885 from holding Changsha Jingjia Microelectronics or generate 47.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. Changsha Jingjia Microelectron
Performance |
| Timeline |
| Postal Savings Bank |
| Changsha Jingjia Mic |
Postal Savings and Changsha Jingjia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Changsha Jingjia
The main advantage of trading using opposite Postal Savings and Changsha Jingjia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Changsha Jingjia 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 Changsha Jingjia will offset losses from the drop in Changsha Jingjia's long position.| Postal Savings vs. Hangzhou Guotai Environmental | Postal Savings vs. Anyang Iron Steel | Postal Savings vs. Eit Environmental Development | Postal Savings vs. Shandong Iron and |
| Changsha Jingjia vs. Sunwave Communications Co | Changsha Jingjia vs. Aba Chemicals Corp | Changsha Jingjia vs. Songz Automobile Air | Changsha Jingjia vs. Beijing Kingsoft Office |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |