Correlation Between Jiangsu Phoenix and Guangdong Silvere
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Guangdong Silvere Sci, you can compare the effects of market volatilities on Jiangsu Phoenix and Guangdong Silvere 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 Guangdong Silvere. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Guangdong Silvere.
Diversification Opportunities for Jiangsu Phoenix and Guangdong Silvere
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Guangdong is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Guangdong Silvere Sci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Silvere Sci 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 Guangdong Silvere. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Silvere Sci has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Guangdong Silvere go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Guangdong Silvere
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 0.55 times more return on investment than Guangdong Silvere. However, Jiangsu Phoenix Publishing is 1.81 times less risky than Guangdong Silvere. It trades about -0.21 of its potential returns per unit of risk. Guangdong Silvere Sci is currently generating about -0.22 per unit of risk. If you would invest 1,117 in Jiangsu Phoenix Publishing on October 16, 2024 and sell it today you would lose (92.00) from holding Jiangsu Phoenix Publishing or give up 8.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Guangdong Silvere Sci
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Guangdong Silvere Sci |
Jiangsu Phoenix and Guangdong Silvere Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Guangdong Silvere
The main advantage of trading using opposite Jiangsu Phoenix and Guangdong Silvere positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Guangdong Silvere 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 Guangdong Silvere will offset losses from the drop in Guangdong Silvere's long position.| Jiangsu Phoenix vs. Shuhua Sports Co | Jiangsu Phoenix vs. HeBei Jinniu Chemical | Jiangsu Phoenix vs. Anhui Transport Consulting | Jiangsu Phoenix vs. Liuzhou Chemical Industry |
| Guangdong Silvere vs. Changjiang Publishing Media | Guangdong Silvere vs. Jiangsu Phoenix Publishing | Guangdong Silvere vs. Kuangda Technology Group | Guangdong Silvere vs. China 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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