Correlation Between AIMA Technology and Jiangsu Phoenix
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By analyzing existing cross correlation between AIMA Technology Group and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on AIMA Technology and Jiangsu Phoenix 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 AIMA Technology with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of AIMA Technology and Jiangsu Phoenix.
Diversification Opportunities for AIMA Technology and Jiangsu Phoenix
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AIMA and Jiangsu is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding AIMA Technology Group and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ and AIMA Technology 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 AIMA Technology Group are associated (or correlated) with Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of AIMA Technology i.e., AIMA Technology and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between AIMA Technology and Jiangsu Phoenix
Assuming the 90 days trading horizon AIMA Technology is expected to generate 1.25 times less return on investment than Jiangsu Phoenix. In addition to that, AIMA Technology is 1.01 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.03 of its total potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.04 per unit of volatility. If you would invest 750.00 in Jiangsu Phoenix Publishing on August 30, 2024 and sell it today you would earn a total of 293.00 from holding Jiangsu Phoenix Publishing or generate 39.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AIMA Technology Group vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| AIMA Technology Group |
| Jiangsu Phoenix Publ |
AIMA Technology and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AIMA Technology and Jiangsu Phoenix
The main advantage of trading using opposite AIMA Technology and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AIMA Technology position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| AIMA Technology vs. Shenzhen SDG Information | AIMA Technology vs. Sichuan Yahua Industrial | AIMA Technology vs. Rising Nonferrous Metals | AIMA Technology vs. Dawning Information Industry |
| Jiangsu Phoenix vs. Industrial and Commercial | Jiangsu Phoenix vs. Agricultural Bank of | Jiangsu Phoenix vs. China Construction Bank | Jiangsu Phoenix 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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