Correlation Between Jiangsu Phoenix and Zhengzhou Yutong
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Zhengzhou Yutong Bus, you can compare the effects of market volatilities on Jiangsu Phoenix and Zhengzhou Yutong 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 Zhengzhou Yutong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Zhengzhou Yutong.
Diversification Opportunities for Jiangsu Phoenix and Zhengzhou Yutong
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Zhengzhou is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Zhengzhou Yutong Bus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhengzhou Yutong Bus 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 Zhengzhou Yutong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhengzhou Yutong Bus has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Zhengzhou Yutong go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Zhengzhou Yutong
Assuming the 90 days trading horizon Jiangsu Phoenix is expected to generate 2.26 times less return on investment than Zhengzhou Yutong. In addition to that, Jiangsu Phoenix is 1.05 times more volatile than Zhengzhou Yutong Bus. It trades about 0.05 of its total potential returns per unit of risk. Zhengzhou Yutong Bus is currently generating about 0.12 per unit of volatility. If you would invest 708.00 in Zhengzhou Yutong Bus on September 12, 2024 and sell it today you would earn a total of 1,687 from holding Zhengzhou Yutong Bus or generate 238.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Zhengzhou Yutong Bus
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Zhengzhou Yutong Bus |
Jiangsu Phoenix and Zhengzhou Yutong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Zhengzhou Yutong
The main advantage of trading using opposite Jiangsu Phoenix and Zhengzhou Yutong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Zhengzhou Yutong 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 Zhengzhou Yutong will offset losses from the drop in Zhengzhou Yutong's long position.| Jiangsu Phoenix vs. Kweichow Moutai Co | Jiangsu Phoenix vs. Shenzhen Mindray Bio Medical | Jiangsu Phoenix vs. G bits Network Technology | Jiangsu Phoenix vs. Beijing Roborock Technology |
| Zhengzhou Yutong vs. Ye Chiu Metal | Zhengzhou Yutong vs. Sinomach Automobile Co | Zhengzhou Yutong vs. Chengtun Mining Group | Zhengzhou Yutong vs. Lonkey Industrial Co |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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