Correlation Between Xiamen Goldenhome and Zhejiang JIULI
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By analyzing existing cross correlation between Xiamen Goldenhome Co and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Xiamen Goldenhome 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 Xiamen Goldenhome with a short position of Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Goldenhome and Zhejiang JIULI.
Diversification Opportunities for Xiamen Goldenhome and Zhejiang JIULI
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xiamen and Zhejiang is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Goldenhome Co 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 Xiamen Goldenhome 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 Xiamen Goldenhome Co 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 Xiamen Goldenhome i.e., Xiamen Goldenhome and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Xiamen Goldenhome and Zhejiang JIULI
Assuming the 90 days trading horizon Xiamen Goldenhome is expected to generate 1.46 times less return on investment than Zhejiang JIULI. In addition to that, Xiamen Goldenhome is 1.71 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.22 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.54 per unit of volatility. If you would invest 2,281 in Zhejiang JIULI Hi tech on November 5, 2024 and sell it today you would earn a total of 199.00 from holding Zhejiang JIULI Hi tech or generate 8.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Goldenhome Co vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Xiamen Goldenhome |
| Zhejiang JIULI Hi |
Xiamen Goldenhome and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Goldenhome and Zhejiang JIULI
The main advantage of trading using opposite Xiamen Goldenhome and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Goldenhome 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.| Xiamen Goldenhome vs. Impulse Qingdao Health | Xiamen Goldenhome vs. Tianjin Ruixin Technology | Xiamen Goldenhome vs. Everjoy Health Group | Xiamen Goldenhome vs. Montage Technology Co |
| Zhejiang JIULI vs. Dingli Communications Corp | Zhejiang JIULI vs. CICT Mobile Communication | Zhejiang JIULI vs. Fujian Boss Software | Zhejiang JIULI vs. Nanjing Putian Telecommunications |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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