Correlation Between Jiangsu Phoenix and Gansu Jiu
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Gansu Jiu Steel, you can compare the effects of market volatilities on Jiangsu Phoenix and Gansu Jiu 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 Gansu Jiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Gansu Jiu.
Diversification Opportunities for Jiangsu Phoenix and Gansu Jiu
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Gansu is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Gansu Jiu Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Jiu Steel 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 Gansu Jiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Jiu Steel has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Gansu Jiu go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Gansu Jiu
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 0.91 times more return on investment than Gansu Jiu. However, Jiangsu Phoenix Publishing is 1.1 times less risky than Gansu Jiu. It trades about -0.1 of its potential returns per unit of risk. Gansu Jiu Steel is currently generating about -0.66 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 (43.00) from holding Jiangsu Phoenix Publishing or give up 3.8% 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. Gansu Jiu Steel
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Gansu Jiu Steel |
Jiangsu Phoenix and Gansu Jiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Gansu Jiu
The main advantage of trading using opposite Jiangsu Phoenix and Gansu Jiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Gansu Jiu 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 Gansu Jiu will offset losses from the drop in Gansu Jiu's long position.| Jiangsu Phoenix vs. Eastroc Beverage Group | Jiangsu Phoenix vs. Shenyang Blue Silver | Jiangsu Phoenix vs. Fujian Oriental Silver | Jiangsu Phoenix vs. Beijing Yanjing Brewery |
| Gansu Jiu vs. Southern PublishingMedia Co | Gansu Jiu vs. Jinsanjiang Silicon Material | Gansu Jiu vs. Beijing Kaiwen Education | Gansu Jiu vs. Jiangsu Phoenix Publishing |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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