Correlation Between Jiangsu Phoenix and Zhonghong Pulin
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Zhonghong Pulin Medical, you can compare the effects of market volatilities on Jiangsu Phoenix and Zhonghong Pulin 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 Zhonghong Pulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Zhonghong Pulin.
Diversification Opportunities for Jiangsu Phoenix and Zhonghong Pulin
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Zhonghong is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Zhonghong Pulin Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhonghong Pulin Medical 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 Zhonghong Pulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhonghong Pulin Medical has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Zhonghong Pulin go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Zhonghong Pulin
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 1.32 times more return on investment than Zhonghong Pulin. However, Jiangsu Phoenix is 1.32 times more volatile than Zhonghong Pulin Medical. It trades about -0.02 of its potential returns per unit of risk. Zhonghong Pulin Medical is currently generating about -0.16 per unit of risk. If you would invest 1,142 in Jiangsu Phoenix Publishing on November 3, 2024 and sell it today you would lose (16.00) from holding Jiangsu Phoenix Publishing or give up 1.4% 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. Zhonghong Pulin Medical
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Zhonghong Pulin Medical |
Jiangsu Phoenix and Zhonghong Pulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Zhonghong Pulin
The main advantage of trading using opposite Jiangsu Phoenix and Zhonghong Pulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Zhonghong Pulin 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 Zhonghong Pulin will offset losses from the drop in Zhonghong Pulin's long position.| Jiangsu Phoenix vs. Ningbo Fujia Industrial | Jiangsu Phoenix vs. Hengdian Entertainment Co | Jiangsu Phoenix vs. Zhengzhou Coal Mining | Jiangsu Phoenix vs. Chengdu B ray Media |
| Zhonghong Pulin vs. Shandong Rike Chemical | Zhonghong Pulin vs. Xinjiang Communications Construction | Zhonghong Pulin vs. Nantong JiangTian Chemical | Zhonghong Pulin vs. Liaoning Dingjide Petrochemical |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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