Correlation Between Southern PublishingMedia and Ningbo Jianan
Specify exactly 2 symbols:
By analyzing existing cross correlation between Southern PublishingMedia Co and Ningbo Jianan Electronics, you can compare the effects of market volatilities on Southern PublishingMedia and Ningbo Jianan 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 Southern PublishingMedia with a short position of Ningbo Jianan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and Ningbo Jianan.
Diversification Opportunities for Southern PublishingMedia and Ningbo Jianan
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Southern and Ningbo is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia Co and Ningbo Jianan Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jianan Electronics and Southern PublishingMedia 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 Southern PublishingMedia Co are associated (or correlated) with Ningbo Jianan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jianan Electronics has no effect on the direction of Southern PublishingMedia i.e., Southern PublishingMedia and Ningbo Jianan go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and Ningbo Jianan
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to under-perform the Ningbo Jianan. But the stock apears to be less risky and, when comparing its historical volatility, Southern PublishingMedia Co is 1.11 times less risky than Ningbo Jianan. The stock trades about -0.02 of its potential returns per unit of risk. The Ningbo Jianan Electronics is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,357 in Ningbo Jianan Electronics on August 31, 2024 and sell it today you would earn a total of 29.00 from holding Ningbo Jianan Electronics or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southern PublishingMedia Co vs. Ningbo Jianan Electronics
Performance |
| Timeline |
| Southern PublishingMedia |
| Ningbo Jianan Electronics |
Southern PublishingMedia and Ningbo Jianan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and Ningbo Jianan
The main advantage of trading using opposite Southern PublishingMedia and Ningbo Jianan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia position performs unexpectedly, Ningbo Jianan 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 Ningbo Jianan will offset losses from the drop in Ningbo Jianan's long position.| Southern PublishingMedia vs. BYD Co Ltd | Southern PublishingMedia vs. Agricultural Bank of | Southern PublishingMedia vs. Industrial and Commercial | Southern PublishingMedia vs. China State Construction |
| Ningbo Jianan vs. Xiangyang Automobile Bearing | Ningbo Jianan vs. Anhui Jianghuai Automobile | Ningbo Jianan vs. Changjiang Publishing Media | Ningbo Jianan vs. Guangdong Shenglu Telecommunication |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |