Correlation Between Jiangyin Jianghua and Zhejiang JIULI
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Jiangyin Jianghua and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and Zhejiang JIULI.
Diversification Opportunities for Jiangyin Jianghua and Zhejiang JIULI
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangyin and Zhejiang is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Jiangyin Jianghua i.e., Jiangyin Jianghua and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and Zhejiang JIULI
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to generate 1.67 times more return on investment than Zhejiang JIULI. However, Jiangyin Jianghua is 1.67 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.02 of its potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.0 per unit of risk. If you would invest 1,471 in Jiangyin Jianghua Microelectronics on October 13, 2024 and sell it today you would earn a total of 49.00 from holding Jiangyin Jianghua Microelectronics or generate 3.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Jiangyin Jianghua |
| Zhejiang JIULI Hi |
Jiangyin Jianghua and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and Zhejiang JIULI
The main advantage of trading using opposite Jiangyin Jianghua and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Jiangyin Jianghua vs. Cloud Live Technology | Jiangyin Jianghua vs. Nanjing Putian Telecommunications | Jiangyin Jianghua vs. Tianjin Realty Development | Jiangyin Jianghua vs. Shenzhen Coship Electronics |
| Zhejiang JIULI vs. YiDong Electronics Technology | Zhejiang JIULI vs. Eastroc Beverage Group | Zhejiang JIULI vs. Jiangyin Jianghua Microelectronics | Zhejiang JIULI vs. Beijing Jiaman Dress |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |