Correlation Between Jiangyin Jianghua and Hunan TV
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and Hunan TV Broadcast, you can compare the effects of market volatilities on Jiangyin Jianghua and Hunan TV 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 Jiangyin Jianghua with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and Hunan TV.
Diversification Opportunities for Jiangyin Jianghua and Hunan TV
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiangyin and Hunan is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Jiangyin Jianghua 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 Jiangyin Jianghua Microelectronics are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Jiangyin Jianghua i.e., Jiangyin Jianghua and Hunan TV go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and Hunan TV
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to under-perform the Hunan TV. In addition to that, Jiangyin Jianghua is 1.14 times more volatile than Hunan TV Broadcast. It trades about -0.15 of its total potential returns per unit of risk. Hunan TV Broadcast is currently generating about -0.08 per unit of volatility. If you would invest 819.00 in Hunan TV Broadcast on October 28, 2024 and sell it today you would lose (91.00) from holding Hunan TV Broadcast or give up 11.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. Hunan TV Broadcast
Performance |
| Timeline |
| Jiangyin Jianghua |
| Hunan TV Broadcast |
Jiangyin Jianghua and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and Hunan TV
The main advantage of trading using opposite Jiangyin Jianghua and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Jiangyin Jianghua vs. Cloud Live Technology | Jiangyin Jianghua vs. Nanjing Putian Telecommunications | Jiangyin Jianghua vs. Shenzhen Coship Electronics | Jiangyin Jianghua vs. Shenzhen Hifuture Electric |
| Hunan TV vs. Jiangsu Yanghe Brewery | Hunan TV vs. Giantec Semiconductor Corp | Hunan TV vs. YiDong Electronics Technology | Hunan TV vs. Ningbo Kangqiang Electronics |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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