Correlation Between Northern United and Jiangxi Selon
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By analyzing existing cross correlation between Northern United Publishing and Jiangxi Selon Industrial, you can compare the effects of market volatilities on Northern United and Jiangxi Selon 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 Northern United with a short position of Jiangxi Selon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northern United and Jiangxi Selon.
Diversification Opportunities for Northern United and Jiangxi Selon
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Northern and Jiangxi is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Northern United Publishing and Jiangxi Selon Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Selon Industrial and Northern United 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 Northern United Publishing are associated (or correlated) with Jiangxi Selon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Selon Industrial has no effect on the direction of Northern United i.e., Northern United and Jiangxi Selon go up and down completely randomly.
Pair Corralation between Northern United and Jiangxi Selon
Assuming the 90 days trading horizon Northern United Publishing is expected to generate 1.01 times more return on investment than Jiangxi Selon. However, Northern United is 1.01 times more volatile than Jiangxi Selon Industrial. It trades about 0.01 of its potential returns per unit of risk. Jiangxi Selon Industrial is currently generating about -0.01 per unit of risk. If you would invest 689.00 in Northern United Publishing on December 4, 2024 and sell it today you would lose (40.00) from holding Northern United Publishing or give up 5.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northern United Publishing vs. Jiangxi Selon Industrial
Performance |
| Timeline |
| Northern United Publ |
| Jiangxi Selon Industrial |
Northern United and Jiangxi Selon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northern United and Jiangxi Selon
The main advantage of trading using opposite Northern United and Jiangxi Selon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northern United position performs unexpectedly, Jiangxi Selon 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 Jiangxi Selon will offset losses from the drop in Jiangxi Selon's long position.| Northern United vs. Guangzhou Dongfang Hotel | Northern United vs. Wangneng Environment Co | Northern United vs. Shenzhen AV Display Co | Northern United vs. Tongxing Environmental Protection |
| Jiangxi Selon vs. Changjiang Publishing Media | Jiangxi Selon vs. Runjian Communication Co | Jiangxi Selon vs. Caihong Display Devices | Jiangxi Selon vs. Suzhou Mingzhi 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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