Correlation Between Shandong Sinoglory and Jinzhou Port
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By analyzing existing cross correlation between Shandong Sinoglory Health and Jinzhou Port Co, you can compare the effects of market volatilities on Shandong Sinoglory and Jinzhou Port 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 Shandong Sinoglory with a short position of Jinzhou Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and Jinzhou Port.
Diversification Opportunities for Shandong Sinoglory and Jinzhou Port
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shandong and Jinzhou is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health and Jinzhou Port Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinzhou Port and Shandong Sinoglory 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 Shandong Sinoglory Health are associated (or correlated) with Jinzhou Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinzhou Port has no effect on the direction of Shandong Sinoglory i.e., Shandong Sinoglory and Jinzhou Port go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and Jinzhou Port
Assuming the 90 days trading horizon Shandong Sinoglory Health is expected to generate 0.57 times more return on investment than Jinzhou Port. However, Shandong Sinoglory Health is 1.76 times less risky than Jinzhou Port. It trades about 0.16 of its potential returns per unit of risk. Jinzhou Port Co is currently generating about -0.1 per unit of risk. If you would invest 1,252 in Shandong Sinoglory Health on September 12, 2024 and sell it today you would earn a total of 78.00 from holding Shandong Sinoglory Health or generate 6.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. Jinzhou Port Co
Performance |
| Timeline |
| Shandong Sinoglory Health |
| Jinzhou Port |
Shandong Sinoglory and Jinzhou Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and Jinzhou Port
The main advantage of trading using opposite Shandong Sinoglory and Jinzhou Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory position performs unexpectedly, Jinzhou Port 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 Jinzhou Port will offset losses from the drop in Jinzhou Port's long position.| Shandong Sinoglory vs. China Petroleum Chemical | Shandong Sinoglory vs. PetroChina Co Ltd | Shandong Sinoglory vs. China State Construction | Shandong Sinoglory vs. China Railway Group |
| Jinzhou Port vs. Hubeiyichang Transportation Group | Jinzhou Port vs. Jiangsu Broadcasting Cable | Jinzhou Port vs. Dazhong Transportation Group | Jinzhou Port vs. Zhengping RoadBridge Constr |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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