Correlation Between Jiangsu Pacific and Hangzhou Gisway
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By analyzing existing cross correlation between Jiangsu Pacific Quartz and Hangzhou Gisway Information, you can compare the effects of market volatilities on Jiangsu Pacific and Hangzhou Gisway 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 Pacific with a short position of Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Pacific and Hangzhou Gisway.
Diversification Opportunities for Jiangsu Pacific and Hangzhou Gisway
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Hangzhou is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Pacific Quartz and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info and Jiangsu Pacific 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 Pacific Quartz are associated (or correlated) with Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of Jiangsu Pacific i.e., Jiangsu Pacific and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between Jiangsu Pacific and Hangzhou Gisway
Assuming the 90 days trading horizon Jiangsu Pacific Quartz is expected to under-perform the Hangzhou Gisway. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Pacific Quartz is 1.57 times less risky than Hangzhou Gisway. The stock trades about -0.09 of its potential returns per unit of risk. The Hangzhou Gisway Information is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 3,064 in Hangzhou Gisway Information on October 14, 2024 and sell it today you would lose (89.00) from holding Hangzhou Gisway Information or give up 2.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Pacific Quartz vs. Hangzhou Gisway Information
Performance |
| Timeline |
| Jiangsu Pacific Quartz |
| Hangzhou Gisway Info |
Jiangsu Pacific and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Pacific and Hangzhou Gisway
The main advantage of trading using opposite Jiangsu Pacific and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Pacific position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| Jiangsu Pacific vs. China Aluminum International | Jiangsu Pacific vs. Hainan Haiqi Transportation | Jiangsu Pacific vs. Chongqing Shunbo Aluminum | Jiangsu Pacific vs. Tongling Nonferrous Metals |
| Hangzhou Gisway vs. Innovative Medical Management | Hangzhou Gisway vs. Porton Fine Chemicals | Hangzhou Gisway vs. Guangdong Transtek Medical | Hangzhou Gisway vs. Do Fluoride Chemicals 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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