Correlation Between Jiangsu Xinri and Centre Testing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Centre Testing Intl, you can compare the effects of market volatilities on Jiangsu Xinri and Centre Testing 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 Centre Testing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Centre Testing.
Diversification Opportunities for Jiangsu Xinri and Centre Testing
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Centre is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Centre Testing Intl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Centre Testing Intl 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 Centre Testing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Centre Testing Intl has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Centre Testing go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Centre Testing
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to generate 1.01 times more return on investment than Centre Testing. However, Jiangsu Xinri is 1.01 times more volatile than Centre Testing Intl. It trades about 0.18 of its potential returns per unit of risk. Centre Testing Intl is currently generating about -0.1 per unit of risk. If you would invest 1,048 in Jiangsu Xinri E Vehicle on September 4, 2024 and sell it today you would earn a total of 84.00 from holding Jiangsu Xinri E Vehicle or generate 8.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Centre Testing Intl
Performance |
| Timeline |
| Jiangsu Xinri E |
| Centre Testing Intl |
Jiangsu Xinri and Centre Testing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Centre Testing
The main advantage of trading using opposite Jiangsu Xinri and Centre Testing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Centre Testing 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 Centre Testing will offset losses from the drop in Centre Testing's long position.| Jiangsu Xinri vs. BeiGene | Jiangsu Xinri vs. Kweichow Moutai Co | Jiangsu Xinri vs. Beijing Roborock Technology | Jiangsu Xinri vs. G bits Network Technology |
| Centre Testing vs. Xiangyang Automobile Bearing | Centre Testing vs. Shandong Publishing Media | Centre Testing vs. Changchun Faway Automobile | Centre Testing vs. Jiangsu Xinri E Vehicle |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |