Correlation Between Shanghai Ziyan and Jiangsu Xinri
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shanghai Ziyan Foods and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Shanghai Ziyan and Jiangsu Xinri 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 Shanghai Ziyan with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Ziyan and Jiangsu Xinri.
Diversification Opportunities for Shanghai Ziyan and Jiangsu Xinri
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shanghai and Jiangsu is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Ziyan Foods and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Shanghai Ziyan 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 Shanghai Ziyan Foods are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Shanghai Ziyan i.e., Shanghai Ziyan and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Shanghai Ziyan and Jiangsu Xinri
Assuming the 90 days trading horizon Shanghai Ziyan Foods is expected to generate 2.07 times more return on investment than Jiangsu Xinri. However, Shanghai Ziyan is 2.07 times more volatile than Jiangsu Xinri E Vehicle. It trades about -0.08 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.39 per unit of risk. If you would invest 1,893 in Shanghai Ziyan Foods on October 15, 2024 and sell it today you would lose (183.00) from holding Shanghai Ziyan Foods or give up 9.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Ziyan Foods vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Shanghai Ziyan Foods |
| Jiangsu Xinri E |
Shanghai Ziyan and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Ziyan and Jiangsu Xinri
The main advantage of trading using opposite Shanghai Ziyan and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Ziyan position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Shanghai Ziyan vs. Eastroc Beverage Group | Shanghai Ziyan vs. Jiangyin Jianghua Microelectronics | Shanghai Ziyan vs. Jointo Energy Investment | Shanghai Ziyan vs. Tieling Newcity Investment |
| Jiangsu Xinri vs. Guangzhou Seagull Kitchen | Jiangsu Xinri vs. Jiajia Food Group | Jiangsu Xinri vs. Shanghai Ziyan Foods | Jiangsu Xinri vs. Jiangsu Jinling Sports |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |