Correlation Between Jiangsu Xinri and Changchun High
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Changchun High New, you can compare the effects of market volatilities on Jiangsu Xinri and Changchun High 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 Xinri with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Changchun High.
Diversification Opportunities for Jiangsu Xinri and Changchun High
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Changchun is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Jiangsu Xinri 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 Xinri E Vehicle are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Changchun High go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Changchun High
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to generate 1.19 times more return on investment than Changchun High. However, Jiangsu Xinri is 1.19 times more volatile than Changchun High New. It trades about -0.04 of its potential returns per unit of risk. Changchun High New is currently generating about -0.06 per unit of risk. If you would invest 1,900 in Jiangsu Xinri E Vehicle on October 15, 2024 and sell it today you would lose (919.00) from holding Jiangsu Xinri E Vehicle or give up 48.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Changchun High New
Performance |
| Timeline |
| Jiangsu Xinri E |
| Changchun High New |
Jiangsu Xinri and Changchun High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Changchun High
The main advantage of trading using opposite Jiangsu Xinri and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.| Jiangsu Xinri vs. Kingclean Electric Co | Jiangsu Xinri vs. Orinko Advanced Plastics | Jiangsu Xinri vs. Western Metal Materials | Jiangsu Xinri vs. Keda Clean Energy |
| Changchun High vs. Maxvision Technology Corp | Changchun High vs. Kingsignal Technology Co | Changchun High vs. Bangyan Technology Co | Changchun High vs. Soyea Technology 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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