Correlation Between Jiangsu Phoenix and Qinghai Huzhu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Qinghai Huzhu Barley, you can compare the effects of market volatilities on Jiangsu Phoenix and Qinghai Huzhu 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 Qinghai Huzhu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Qinghai Huzhu.
Diversification Opportunities for Jiangsu Phoenix and Qinghai Huzhu
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Qinghai is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Qinghai Huzhu Barley in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qinghai Huzhu Barley 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 Qinghai Huzhu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qinghai Huzhu Barley has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Qinghai Huzhu go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Qinghai Huzhu
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to under-perform the Qinghai Huzhu. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Phoenix Publishing is 1.33 times less risky than Qinghai Huzhu. The stock trades about -0.01 of its potential returns per unit of risk. The Qinghai Huzhu Barley is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 844.00 in Qinghai Huzhu Barley on September 12, 2024 and sell it today you would earn a total of 270.00 from holding Qinghai Huzhu Barley or generate 31.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.28% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Qinghai Huzhu Barley
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Qinghai Huzhu Barley |
Jiangsu Phoenix and Qinghai Huzhu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Qinghai Huzhu
The main advantage of trading using opposite Jiangsu Phoenix and Qinghai Huzhu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Qinghai Huzhu 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 Qinghai Huzhu will offset losses from the drop in Qinghai Huzhu's long position.| Jiangsu Phoenix vs. Panda Dairy Corp | Jiangsu Phoenix vs. Anji Foodstuff Co | Jiangsu Phoenix vs. China Asset Management | Jiangsu Phoenix vs. Suzhou Weizhixiang Food |
| Qinghai Huzhu vs. Henan Shuanghui Investment | Qinghai Huzhu vs. Guosheng Financial Holding | Qinghai Huzhu vs. Postal Savings Bank | Qinghai Huzhu vs. Tieling Newcity Investment |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |