Correlation Between Jiangsu Seagull and Inner Mongolia
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By analyzing existing cross correlation between Jiangsu Seagull Cooling and Inner Mongolia Furui, you can compare the effects of market volatilities on Jiangsu Seagull and Inner Mongolia 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 Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Seagull and Inner Mongolia.
Diversification Opportunities for Jiangsu Seagull and Inner Mongolia
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Inner is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Seagull Cooling and Inner Mongolia Furui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Furui 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 Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Furui has no effect on the direction of Jiangsu Seagull i.e., Jiangsu Seagull and Inner Mongolia go up and down completely randomly.
Pair Corralation between Jiangsu Seagull and Inner Mongolia
Assuming the 90 days trading horizon Jiangsu Seagull Cooling is expected to generate 0.54 times more return on investment than Inner Mongolia. However, Jiangsu Seagull Cooling is 1.86 times less risky than Inner Mongolia. It trades about -0.13 of its potential returns per unit of risk. Inner Mongolia Furui is currently generating about -0.25 per unit of risk. If you would invest 1,005 in Jiangsu Seagull Cooling on August 29, 2024 and sell it today you would lose (84.00) from holding Jiangsu Seagull Cooling or give up 8.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Seagull Cooling vs. Inner Mongolia Furui
Performance |
| Timeline |
| Jiangsu Seagull Cooling |
| Inner Mongolia Furui |
Jiangsu Seagull and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Seagull and Inner Mongolia
The main advantage of trading using opposite Jiangsu Seagull and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Seagull position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia'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 |
| Inner Mongolia vs. Industrial and Commercial | Inner Mongolia vs. Agricultural Bank of | Inner Mongolia vs. China Construction Bank | Inner Mongolia vs. Bank of China |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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