Correlation Between Hoshine Silicon and Jinsanjiang Silicon
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By analyzing existing cross correlation between Hoshine Silicon Ind and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Hoshine Silicon and Jinsanjiang Silicon 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 Hoshine Silicon with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Jinsanjiang Silicon.
Diversification Opportunities for Hoshine Silicon and Jinsanjiang Silicon
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Jinsanjiang is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Hoshine Silicon 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 Hoshine Silicon Ind are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Jinsanjiang Silicon
Assuming the 90 days trading horizon Hoshine Silicon is expected to generate 1.07 times less return on investment than Jinsanjiang Silicon. But when comparing it to its historical volatility, Hoshine Silicon Ind is 1.69 times less risky than Jinsanjiang Silicon. It trades about 0.1 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,117 in Jinsanjiang Silicon Material on September 2, 2024 and sell it today you would earn a total of 34.00 from holding Jinsanjiang Silicon Material or generate 3.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Jinsanjiang Silicon |
Hoshine Silicon and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Jinsanjiang Silicon
The main advantage of trading using opposite Hoshine Silicon and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Hoshine Silicon vs. Mingchen Health Co | Hoshine Silicon vs. Dezhan HealthCare Co | Hoshine Silicon vs. Andon Health Co | Hoshine Silicon vs. Guangdong Shenglu Telecommunication |
| Jinsanjiang Silicon vs. Hefei Metalforming Mach | Jinsanjiang Silicon vs. Shanghai Shuixing Home | Jinsanjiang Silicon vs. Suofeiya Home Collection | Jinsanjiang Silicon vs. Mengtian Home Group |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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