Correlation Between Jiangsu Phoenix and Shanghai Pudong
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Shanghai Pudong Development, you can compare the effects of market volatilities on Jiangsu Phoenix and Shanghai Pudong 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 Shanghai Pudong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Shanghai Pudong.
Diversification Opportunities for Jiangsu Phoenix and Shanghai Pudong
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Shanghai is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Shanghai Pudong Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Pudong Deve 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 Shanghai Pudong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Pudong Deve has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Shanghai Pudong go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Shanghai Pudong
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to under-perform the Shanghai Pudong. In addition to that, Jiangsu Phoenix is 1.39 times more volatile than Shanghai Pudong Development. It trades about -0.14 of its total potential returns per unit of risk. Shanghai Pudong Development is currently generating about 0.18 per unit of volatility. If you would invest 966.00 in Shanghai Pudong Development on October 14, 2024 and sell it today you would earn a total of 47.00 from holding Shanghai Pudong Development or generate 4.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Shanghai Pudong Development
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Shanghai Pudong Deve |
Jiangsu Phoenix and Shanghai Pudong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Shanghai Pudong
The main advantage of trading using opposite Jiangsu Phoenix and Shanghai Pudong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Shanghai Pudong 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 Shanghai Pudong will offset losses from the drop in Shanghai Pudong's long position.| Jiangsu Phoenix vs. Shanghai Newtouch Software | Jiangsu Phoenix vs. Zhejiang Yongjin Metal | Jiangsu Phoenix vs. Tongling Nonferrous Metals | Jiangsu Phoenix vs. Jiugui Liquor Co |
| Shanghai Pudong vs. Zhejiang Publishing Media | Shanghai Pudong vs. Chengtun Mining Group | Shanghai Pudong vs. Jiangsu Phoenix Publishing | Shanghai Pudong vs. Qingdao Choho Industrial |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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