Correlation Between China State and Jiangsu Phoenix
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By analyzing existing cross correlation between China State Construction and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on China State and Jiangsu Phoenix 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 China State with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of China State and Jiangsu Phoenix.
Diversification Opportunities for China State and Jiangsu Phoenix
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Jiangsu is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding China State Construction and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ and China State 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 China State Construction are associated (or correlated) with Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of China State i.e., China State and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between China State and Jiangsu Phoenix
Assuming the 90 days trading horizon China State Construction is expected to generate 1.19 times more return on investment than Jiangsu Phoenix. However, China State is 1.19 times more volatile than Jiangsu Phoenix Publishing. It trades about -0.08 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about -0.16 per unit of risk. If you would invest 614.00 in China State Construction on August 28, 2024 and sell it today you would lose (25.00) from holding China State Construction or give up 4.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China State Construction vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| China State Construction |
| Jiangsu Phoenix Publ |
China State and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China State and Jiangsu Phoenix
The main advantage of trading using opposite China State and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China State position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| China State vs. Leaguer Shenzhen MicroElectronics | China State vs. Shanghai CEO Environmental | China State vs. Bomin Electronics Co | China State vs. Zhejiang Kingland Pipeline |
| Jiangsu Phoenix vs. China State Construction | Jiangsu Phoenix vs. Huafa Industrial Co | Jiangsu Phoenix vs. China International Capital | Jiangsu Phoenix vs. Kweichow Moutai 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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