Correlation Between Jangho Group and Shanghai Yanpu
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By analyzing existing cross correlation between Jangho Group Co and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Jangho Group and Shanghai Yanpu 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 Jangho Group with a short position of Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jangho Group and Shanghai Yanpu.
Diversification Opportunities for Jangho Group and Shanghai Yanpu
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jangho and Shanghai is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jangho Group Co and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal and Jangho Group 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 Jangho Group Co are associated (or correlated) with Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Jangho Group i.e., Jangho Group and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Jangho Group and Shanghai Yanpu
Assuming the 90 days trading horizon Jangho Group Co is expected to under-perform the Shanghai Yanpu. But the stock apears to be less risky and, when comparing its historical volatility, Jangho Group Co is 1.33 times less risky than Shanghai Yanpu. The stock trades about -0.01 of its potential returns per unit of risk. The Shanghai Yanpu Metal is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,686 in Shanghai Yanpu Metal on September 13, 2024 and sell it today you would earn a total of 136.00 from holding Shanghai Yanpu Metal or generate 3.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jangho Group Co vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| Jangho Group |
| Shanghai Yanpu Metal |
Jangho Group and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jangho Group and Shanghai Yanpu
The main advantage of trading using opposite Jangho Group and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jangho Group position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Jangho Group vs. Shanghai Yanpu Metal | Jangho Group vs. China Nonferrous Metal | Jangho Group vs. Hefei Metalforming Mach | Jangho Group vs. Uroica Mining Safety |
| Shanghai Yanpu vs. BeiGene | Shanghai Yanpu vs. Kweichow Moutai Co | Shanghai Yanpu vs. Beijing Roborock Technology | Shanghai Yanpu vs. G bits Network 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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