Correlation Between Jiangsu Pacific and China Yangtze
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Pacific Quartz and China Yangtze Power, you can compare the effects of market volatilities on Jiangsu Pacific and China Yangtze 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 China Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Pacific and China Yangtze.
Diversification Opportunities for Jiangsu Pacific and China Yangtze
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jiangsu and China is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Pacific Quartz and China Yangtze Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Yangtze Power 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 China Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Yangtze Power has no effect on the direction of Jiangsu Pacific i.e., Jiangsu Pacific and China Yangtze go up and down completely randomly.
Pair Corralation between Jiangsu Pacific and China Yangtze
Assuming the 90 days trading horizon Jiangsu Pacific Quartz is expected to under-perform the China Yangtze. In addition to that, Jiangsu Pacific is 3.49 times more volatile than China Yangtze Power. It trades about -0.07 of its total potential returns per unit of risk. China Yangtze Power is currently generating about 0.07 per unit of volatility. If you would invest 2,010 in China Yangtze Power on August 29, 2024 and sell it today you would earn a total of 729.00 from holding China Yangtze Power or generate 36.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Pacific Quartz vs. China Yangtze Power
Performance |
| Timeline |
| Jiangsu Pacific Quartz |
| China Yangtze Power |
Jiangsu Pacific and China Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Pacific and China Yangtze
The main advantage of trading using opposite Jiangsu Pacific and China Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Pacific position performs unexpectedly, China Yangtze 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 China Yangtze will offset losses from the drop in China Yangtze's long position.| Jiangsu Pacific vs. Guangzhou KingTeller Technology | Jiangsu Pacific vs. Chengdu Xingrong Investment | Jiangsu Pacific vs. Western Superconducting Tech | Jiangsu Pacific vs. Hunan Investment Group |
| China Yangtze vs. Guizhou BroadcastingTV Info | China Yangtze vs. Hunan Investment Group | China Yangtze vs. Tieling Newcity Investment | China Yangtze vs. Fujian Longzhou Transportation |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |