Correlation Between Jiangyin Jianghua and Puya Semiconductor
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and Puya Semiconductor Shanghai, you can compare the effects of market volatilities on Jiangyin Jianghua and Puya Semiconductor 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 Puya Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and Puya Semiconductor.
Diversification Opportunities for Jiangyin Jianghua and Puya Semiconductor
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangyin and Puya is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro and Puya Semiconductor Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puya Semiconductor 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 Puya Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puya Semiconductor has no effect on the direction of Jiangyin Jianghua i.e., Jiangyin Jianghua and Puya Semiconductor go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and Puya Semiconductor
Assuming the 90 days trading horizon Jiangyin Jianghua is expected to generate 39.87 times less return on investment than Puya Semiconductor. But when comparing it to its historical volatility, Jiangyin Jianghua Microelectronics is 3.06 times less risky than Puya Semiconductor. It trades about 0.01 of its potential returns per unit of risk. Puya Semiconductor Shanghai is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 10,019 in Puya Semiconductor Shanghai on November 3, 2024 and sell it today you would earn a total of 810.00 from holding Puya Semiconductor Shanghai or generate 8.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. Puya Semiconductor Shanghai
Performance |
| Timeline |
| Jiangyin Jianghua |
| Puya Semiconductor |
Jiangyin Jianghua and Puya Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and Puya Semiconductor
The main advantage of trading using opposite Jiangyin Jianghua and Puya Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua position performs unexpectedly, Puya Semiconductor 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 Puya Semiconductor will offset losses from the drop in Puya Semiconductor's long position.| Jiangyin Jianghua vs. Sanxiang Advanced Materials | Jiangyin Jianghua vs. Guangdong Jingyi Metal | Jiangyin Jianghua vs. GRIPM Advanced Materials | Jiangyin Jianghua vs. Chongqing Shunbo Aluminum |
| Puya Semiconductor vs. Huatian Hotel Group | Puya Semiconductor vs. BTG Hotels Group | Puya Semiconductor vs. Jiangsu Phoenix Publishing | Puya Semiconductor vs. Xinjiang Qingsong Building |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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