Correlation Between Hoshine Silicon and Nantong Jiangshan
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hoshine Silicon Ind and Nantong Jiangshan Agrochemical, you can compare the effects of market volatilities on Hoshine Silicon and Nantong Jiangshan 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 Nantong Jiangshan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Nantong Jiangshan.
Diversification Opportunities for Hoshine Silicon and Nantong Jiangshan
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Nantong is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Nantong Jiangshan Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nantong Jiangshan 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 Nantong Jiangshan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nantong Jiangshan has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Nantong Jiangshan go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Nantong Jiangshan
Assuming the 90 days trading horizon Hoshine Silicon Ind is expected to under-perform the Nantong Jiangshan. In addition to that, Hoshine Silicon is 1.34 times more volatile than Nantong Jiangshan Agrochemical. It trades about -0.02 of its total potential returns per unit of risk. Nantong Jiangshan Agrochemical is currently generating about 0.25 per unit of volatility. If you would invest 1,377 in Nantong Jiangshan Agrochemical on August 25, 2024 and sell it today you would earn a total of 171.00 from holding Nantong Jiangshan Agrochemical or generate 12.42% 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. Nantong Jiangshan Agrochemical
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Nantong Jiangshan |
Hoshine Silicon and Nantong Jiangshan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Nantong Jiangshan
The main advantage of trading using opposite Hoshine Silicon and Nantong Jiangshan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Nantong Jiangshan 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 Nantong Jiangshan will offset losses from the drop in Nantong Jiangshan's long position.| Hoshine Silicon vs. Zijin Mining Group | Hoshine Silicon vs. Wanhua Chemical Group | Hoshine Silicon vs. Shandong Gold Mining | Hoshine Silicon vs. Inner Mongolia BaoTou |
| Nantong Jiangshan vs. Zijin Mining Group | Nantong Jiangshan vs. Wanhua Chemical Group | Nantong Jiangshan vs. Shandong Gold Mining | Nantong Jiangshan vs. Inner Mongolia BaoTou |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |