Correlation Between Jiangsu Phoenix and Wuhan Yangtze
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Wuhan Yangtze Communication, you can compare the effects of market volatilities on Jiangsu Phoenix and Wuhan Yangtze 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 Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Wuhan Yangtze.
Diversification Opportunities for Jiangsu Phoenix and Wuhan Yangtze
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Wuhan is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun 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 Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Wuhan Yangtze
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to under-perform the Wuhan Yangtze. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Phoenix Publishing is 1.5 times less risky than Wuhan Yangtze. The stock trades about -0.02 of its potential returns per unit of risk. The Wuhan Yangtze Communication is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,226 in Wuhan Yangtze Communication on November 3, 2024 and sell it today you would earn a total of 67.00 from holding Wuhan Yangtze Communication or generate 3.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Wuhan Yangtze Communication
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Wuhan Yangtze Commun |
Jiangsu Phoenix and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Wuhan Yangtze
The main advantage of trading using opposite Jiangsu Phoenix and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Wuhan Yangtze 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 Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze'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 |
| Wuhan Yangtze vs. GuoChuang Software Co | Wuhan Yangtze vs. Hangzhou Pinming Software | Wuhan Yangtze vs. Jiangsu Hoperun Software | Wuhan Yangtze vs. Iat Automobile Technology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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