Correlation Between China Publishing and Jiangsu Jinling
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Publishing Media and Jiangsu Jinling Sports, you can compare the effects of market volatilities on China Publishing and Jiangsu Jinling 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 China Publishing with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Jiangsu Jinling.
Diversification Opportunities for China Publishing and Jiangsu Jinling
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between China and Jiangsu is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and China Publishing 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 China Publishing Media are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of China Publishing i.e., China Publishing and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between China Publishing and Jiangsu Jinling
Assuming the 90 days trading horizon China Publishing Media is expected to generate 2.04 times more return on investment than Jiangsu Jinling. However, China Publishing is 2.04 times more volatile than Jiangsu Jinling Sports. It trades about 0.2 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about 0.07 per unit of risk. If you would invest 706.00 in China Publishing Media on August 29, 2024 and sell it today you would earn a total of 148.00 from holding China Publishing Media or generate 20.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| China Publishing Media |
| Jiangsu Jinling Sports |
China Publishing and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Jiangsu Jinling
The main advantage of trading using opposite China Publishing and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| China Publishing vs. Eit Environmental Development | China Publishing vs. Gansu Jiu Steel | China Publishing vs. Hang Xiao Steel | China Publishing vs. Jiugui Liquor Co |
| Jiangsu Jinling vs. Shenzhen MYS Environmental | Jiangsu Jinling vs. AVIC Fund Management | Jiangsu Jinling vs. Shenzhen Bingchuan Network | Jiangsu Jinling vs. Penghua Shenzhen Energy |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |