Correlation Between Jiangsu Phoenix and Xiamen Goldenhome
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Xiamen Goldenhome Co, you can compare the effects of market volatilities on Jiangsu Phoenix and Xiamen Goldenhome 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 Xiamen Goldenhome. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Xiamen Goldenhome.
Diversification Opportunities for Jiangsu Phoenix and Xiamen Goldenhome
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Xiamen is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Xiamen Goldenhome Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Goldenhome 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 Xiamen Goldenhome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Goldenhome has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Xiamen Goldenhome go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Xiamen Goldenhome
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 1.08 times more return on investment than Xiamen Goldenhome. However, Jiangsu Phoenix is 1.08 times more volatile than Xiamen Goldenhome Co. It trades about -0.03 of its potential returns per unit of risk. Xiamen Goldenhome Co is currently generating about -0.08 per unit of risk. If you would invest 1,146 in Jiangsu Phoenix Publishing on October 29, 2024 and sell it today you would lose (20.00) from holding Jiangsu Phoenix Publishing or give up 1.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Xiamen Goldenhome Co
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Xiamen Goldenhome |
Jiangsu Phoenix and Xiamen Goldenhome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Xiamen Goldenhome
The main advantage of trading using opposite Jiangsu Phoenix and Xiamen Goldenhome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Xiamen Goldenhome 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 Xiamen Goldenhome will offset losses from the drop in Xiamen Goldenhome's long position.| Jiangsu Phoenix vs. DO Home Collection | Jiangsu Phoenix vs. Hunan Mendale Hometextile | Jiangsu Phoenix vs. Liaoning Dingjide Petrochemical | Jiangsu Phoenix vs. Zoy Home Furnishing |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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