Correlation Between Jiangsu Phoenix and Zhongrun Resources
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Zhongrun Resources Investment, you can compare the effects of market volatilities on Jiangsu Phoenix and Zhongrun Resources 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 Jiangsu Phoenix with a short position of Zhongrun Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Zhongrun Resources.
Diversification Opportunities for Jiangsu Phoenix and Zhongrun Resources
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Zhongrun is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Zhongrun Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongrun Resources and Jiangsu Phoenix 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 Jiangsu Phoenix Publishing are associated (or correlated) with Zhongrun Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongrun Resources has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Zhongrun Resources go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Zhongrun Resources
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to under-perform the Zhongrun Resources. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Phoenix Publishing is 1.5 times less risky than Zhongrun Resources. The stock trades about -0.04 of its potential returns per unit of risk. The Zhongrun Resources Investment is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 397.00 in Zhongrun Resources Investment on November 1, 2024 and sell it today you would lose (6.00) from holding Zhongrun Resources Investment or give up 1.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Zhongrun Resources Investment
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Zhongrun Resources |
Jiangsu Phoenix and Zhongrun Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Zhongrun Resources
The main advantage of trading using opposite Jiangsu Phoenix and Zhongrun Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Zhongrun Resources 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 Zhongrun Resources will offset losses from the drop in Zhongrun Resources' long position.| Jiangsu Phoenix vs. Anji Foodstuff Co | Jiangsu Phoenix vs. China Building Material | Jiangsu Phoenix vs. Beijing Sanyuan Foods | Jiangsu Phoenix vs. Shaanxi Meineng Clean |
| Zhongrun Resources vs. Luyin Investment Group | Zhongrun Resources vs. Jiangsu Phoenix Publishing | Zhongrun Resources vs. Tangel Publishing | Zhongrun Resources vs. Changjiang Publishing Media |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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