Correlation Between Jiangsu Phoenix and Sinofibers Technology
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Sinofibers Technology Co, you can compare the effects of market volatilities on Jiangsu Phoenix and Sinofibers Technology 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 Sinofibers Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Sinofibers Technology.
Diversification Opportunities for Jiangsu Phoenix and Sinofibers Technology
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Sinofibers is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Sinofibers Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinofibers Technology 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 Sinofibers Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinofibers Technology has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Sinofibers Technology go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Sinofibers Technology
Assuming the 90 days trading horizon Jiangsu Phoenix is expected to generate 5.14 times less return on investment than Sinofibers Technology. In addition to that, Jiangsu Phoenix is 1.29 times more volatile than Sinofibers Technology Co. It trades about 0.02 of its total potential returns per unit of risk. Sinofibers Technology Co is currently generating about 0.15 per unit of volatility. If you would invest 2,712 in Sinofibers Technology Co on November 5, 2024 and sell it today you would earn a total of 119.00 from holding Sinofibers Technology Co or generate 4.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Sinofibers Technology Co
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Sinofibers Technology |
Jiangsu Phoenix and Sinofibers Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Sinofibers Technology
The main advantage of trading using opposite Jiangsu Phoenix and Sinofibers Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Sinofibers Technology 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 Sinofibers Technology will offset losses from the drop in Sinofibers Technology's long position.| Jiangsu Phoenix vs. JCHX Mining Management | Jiangsu Phoenix vs. Pengxin International Mining | Jiangsu Phoenix vs. Guocheng Mining Co | Jiangsu Phoenix vs. Lecron Energy Saving |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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