Correlation Between Jiangsu Xinri and Suzhou Industrial
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Suzhou Industrial Park, you can compare the effects of market volatilities on Jiangsu Xinri and Suzhou Industrial 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 Suzhou Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Suzhou Industrial.
Diversification Opportunities for Jiangsu Xinri and Suzhou Industrial
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Suzhou is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Suzhou Industrial Park in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Industrial Park 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 Suzhou Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Industrial Park has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Suzhou Industrial go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Suzhou Industrial
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the Suzhou Industrial. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Xinri E Vehicle is 1.4 times less risky than Suzhou Industrial. The stock trades about -0.04 of its potential returns per unit of risk. The Suzhou Industrial Park is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 934.00 in Suzhou Industrial Park on October 29, 2024 and sell it today you would lose (70.00) from holding Suzhou Industrial Park or give up 7.49% 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. Suzhou Industrial Park
Performance |
| Timeline |
| Jiangsu Xinri E |
| Suzhou Industrial Park |
Jiangsu Xinri and Suzhou Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Suzhou Industrial
The main advantage of trading using opposite Jiangsu Xinri and Suzhou Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Suzhou Industrial 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 Suzhou Industrial will offset losses from the drop in Suzhou Industrial's long position.| Jiangsu Xinri vs. Hainan Mining Co | Jiangsu Xinri vs. 360 Security Technology | Jiangsu Xinri vs. ROPEOK Technology Group | Jiangsu Xinri vs. Cansino Biologics |
| Suzhou Industrial vs. Runjian Communication Co | Suzhou Industrial vs. Healthcare Co | Suzhou Industrial vs. Tianjin Hi Tech Development | Suzhou Industrial vs. Meinian Onehealth Healthcare |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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