Correlation Between Jiangsu Seagull and 159681
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By analyzing existing cross correlation between Jiangsu Seagull Cooling and 159681, you can compare the effects of market volatilities on Jiangsu Seagull and 159681 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 Jiangsu Seagull with a short position of 159681. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Seagull and 159681.
Diversification Opportunities for Jiangsu Seagull and 159681
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and 159681 is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Seagull Cooling and 159681 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 159681 and Jiangsu Seagull 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 Jiangsu Seagull Cooling are associated (or correlated) with 159681. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 159681 has no effect on the direction of Jiangsu Seagull i.e., Jiangsu Seagull and 159681 go up and down completely randomly.
Pair Corralation between Jiangsu Seagull and 159681
Assuming the 90 days trading horizon Jiangsu Seagull Cooling is expected to under-perform the 159681. In addition to that, Jiangsu Seagull is 1.02 times more volatile than 159681. It trades about -0.13 of its total potential returns per unit of risk. 159681 is currently generating about -0.04 per unit of volatility. If you would invest 98.00 in 159681 on August 29, 2024 and sell it today you would lose (3.00) from holding 159681 or give up 3.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Seagull Cooling vs. 159681
Performance |
| Timeline |
| Jiangsu Seagull Cooling |
| 159681 |
Jiangsu Seagull and 159681 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Seagull and 159681
The main advantage of trading using opposite Jiangsu Seagull and 159681 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Seagull position performs unexpectedly, 159681 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 159681 will offset losses from the drop in 159681's long position.| Jiangsu Seagull vs. Guangdong Liantai Environmental | Jiangsu Seagull vs. Eit Environmental Development | Jiangsu Seagull vs. Gansu Jiu Steel | Jiangsu Seagull vs. Hangzhou Pinming Software |
| 159681 vs. Shenzhen MTC Co | 159681 vs. Ming Yang Smart | 159681 vs. Changzhou Almaden Co | 159681 vs. 159005 |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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