Correlation Between UE Furniture and Jiangsu Seagull
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By analyzing existing cross correlation between UE Furniture Co and Jiangsu Seagull Cooling, you can compare the effects of market volatilities on UE Furniture and Jiangsu Seagull 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 UE Furniture with a short position of Jiangsu Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of UE Furniture and Jiangsu Seagull.
Diversification Opportunities for UE Furniture and Jiangsu Seagull
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 603600 and Jiangsu is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding UE Furniture Co and Jiangsu Seagull Cooling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Seagull Cooling and UE Furniture 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 UE Furniture Co are associated (or correlated) with Jiangsu Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Seagull Cooling has no effect on the direction of UE Furniture i.e., UE Furniture and Jiangsu Seagull go up and down completely randomly.
Pair Corralation between UE Furniture and Jiangsu Seagull
Assuming the 90 days trading horizon UE Furniture is expected to generate 2.32 times less return on investment than Jiangsu Seagull. But when comparing it to its historical volatility, UE Furniture Co is 1.83 times less risky than Jiangsu Seagull. It trades about 0.11 of its potential returns per unit of risk. Jiangsu Seagull Cooling is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1,068 in Jiangsu Seagull Cooling on October 28, 2024 and sell it today you would earn a total of 154.00 from holding Jiangsu Seagull Cooling or generate 14.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
UE Furniture Co vs. Jiangsu Seagull Cooling
Performance |
| Timeline |
| UE Furniture |
| Jiangsu Seagull Cooling |
UE Furniture and Jiangsu Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UE Furniture and Jiangsu Seagull
The main advantage of trading using opposite UE Furniture and Jiangsu Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UE Furniture position performs unexpectedly, Jiangsu Seagull 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 Seagull will offset losses from the drop in Jiangsu Seagull's long position.| UE Furniture vs. Hangzhou Arcvideo Technology | UE Furniture vs. Lootom Telcovideo Network | UE Furniture vs. Jiangsu Yanghe Brewery | UE Furniture vs. Sunny Loan Top |
| Jiangsu Seagull vs. China Asset Management | Jiangsu Seagull vs. Success Electronics | Jiangsu Seagull vs. Zhonghang Electronic Measuring | Jiangsu Seagull vs. TongFu Microelectronics Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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