Correlation Between Jiangsu Phoenix and Malion New
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Malion New Materials, you can compare the effects of market volatilities on Jiangsu Phoenix and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Malion New.
Diversification Opportunities for Jiangsu Phoenix and Malion New
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Malion is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Malion New go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Malion New
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 0.72 times more return on investment than Malion New. However, Jiangsu Phoenix Publishing is 1.38 times less risky than Malion New. It trades about -0.18 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.4 per unit of risk. If you would invest 1,133 in Jiangsu Phoenix Publishing on October 12, 2024 and sell it today you would lose (83.00) from holding Jiangsu Phoenix Publishing or give up 7.33% 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. Malion New Materials
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Malion New Materials |
Jiangsu Phoenix and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Malion New
The main advantage of trading using opposite Jiangsu Phoenix and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Jiangsu Phoenix vs. Huatian Hotel Group | Jiangsu Phoenix vs. Dr Peng Telecom | Jiangsu Phoenix vs. Caihong Display Devices | Jiangsu Phoenix vs. Guangzhou Dongfang Hotel |
| Malion New vs. Tangel Publishing | Malion New vs. Changjiang Publishing Media | Malion New vs. Jiangsu Phoenix Publishing | Malion New vs. Shanghai Yaoji Playing |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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