Correlation Between Jiangsu Phoenix and Southern PublishingMedia
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Southern PublishingMedia Co, you can compare the effects of market volatilities on Jiangsu Phoenix and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Southern PublishingMedia.
Diversification Opportunities for Jiangsu Phoenix and Southern PublishingMedia
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Southern is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Southern PublishingMedia
Assuming the 90 days trading horizon Jiangsu Phoenix is expected to generate 1.07 times less return on investment than Southern PublishingMedia. But when comparing it to its historical volatility, Jiangsu Phoenix Publishing is 2.01 times less risky than Southern PublishingMedia. It trades about 0.15 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,469 in Southern PublishingMedia Co on September 12, 2024 and sell it today you would earn a total of 85.00 from holding Southern PublishingMedia Co or generate 5.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Southern PublishingMedia |
Jiangsu Phoenix and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Southern PublishingMedia
The main advantage of trading using opposite Jiangsu Phoenix and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia'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 |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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