Correlation Between Jiangyin Jianghua and GreenTech Environmental
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and GreenTech Environmental Co, you can compare the effects of market volatilities on Jiangyin Jianghua and GreenTech Environmental 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 GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and GreenTech Environmental.
Diversification Opportunities for Jiangyin Jianghua and GreenTech Environmental
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangyin and GreenTech is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental 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 GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Jiangyin Jianghua i.e., Jiangyin Jianghua and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and GreenTech Environmental
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to generate 1.04 times more return on investment than GreenTech Environmental. However, Jiangyin Jianghua is 1.04 times more volatile than GreenTech Environmental Co. It trades about 0.23 of its potential returns per unit of risk. GreenTech Environmental Co is currently generating about 0.14 per unit of risk. If you would invest 1,539 in Jiangyin Jianghua Microelectronics on September 5, 2024 and sell it today you would earn a total of 418.00 from holding Jiangyin Jianghua Microelectronics or generate 27.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. GreenTech Environmental Co
Performance |
| Timeline |
| Jiangyin Jianghua |
| GreenTech Environmental |
Jiangyin Jianghua and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and GreenTech Environmental
The main advantage of trading using opposite Jiangyin Jianghua and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental's long position.| Jiangyin Jianghua vs. Shandong Longquan Pipeline | Jiangyin Jianghua vs. Oppein Home Group | Jiangyin Jianghua vs. Nanxing Furniture Machinery | Jiangyin Jianghua vs. Xizi Clean 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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