Correlation Between Jiangsu Phoenix and Puya Semiconductor
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Puya Semiconductor Shanghai, you can compare the effects of market volatilities on Jiangsu Phoenix and Puya Semiconductor 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 Puya Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Puya Semiconductor.
Diversification Opportunities for Jiangsu Phoenix and Puya Semiconductor
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Puya is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Puya Semiconductor Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puya Semiconductor 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 Puya Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puya Semiconductor has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Puya Semiconductor go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Puya Semiconductor
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 0.63 times more return on investment than Puya Semiconductor. However, Jiangsu Phoenix Publishing is 1.59 times less risky than Puya Semiconductor. It trades about 0.04 of its potential returns per unit of risk. Puya Semiconductor Shanghai is currently generating about 0.01 per unit of risk. If you would invest 745.00 in Jiangsu Phoenix Publishing on October 16, 2024 and sell it today you would earn a total of 280.00 from holding Jiangsu Phoenix Publishing or generate 37.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Puya Semiconductor Shanghai
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Puya Semiconductor |
Jiangsu Phoenix and Puya Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Puya Semiconductor
The main advantage of trading using opposite Jiangsu Phoenix and Puya Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Puya Semiconductor 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 Puya Semiconductor will offset losses from the drop in Puya Semiconductor's long position.| Jiangsu Phoenix vs. AVCON Information Tech | Jiangsu Phoenix vs. Ningbo MedicalSystem Biotechnology | Jiangsu Phoenix vs. Zhongshan Public Utilities | Jiangsu Phoenix vs. Fujian Wanchen Biotechnology |
| Puya Semiconductor vs. Guangzhou Jointas Chemical | Puya Semiconductor vs. HeBei Jinniu Chemical | Puya Semiconductor vs. Guotai Epoint Software | Puya Semiconductor vs. Jilin Chemical Fibre |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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