Correlation Between Jiangsu Xinri and Anshan Senyuan
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Anshan Senyuan Road, you can compare the effects of market volatilities on Jiangsu Xinri and Anshan Senyuan 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 Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Anshan Senyuan.
Diversification Opportunities for Jiangsu Xinri and Anshan Senyuan
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Anshan is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road 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 Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Anshan Senyuan go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Anshan Senyuan
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the Anshan Senyuan. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Xinri E Vehicle is 2.02 times less risky than Anshan Senyuan. The stock trades about -0.04 of its potential returns per unit of risk. The Anshan Senyuan Road is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 316.00 in Anshan Senyuan Road on October 14, 2024 and sell it today you would earn a total of 599.00 from holding Anshan Senyuan Road or generate 189.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Anshan Senyuan Road
Performance |
| Timeline |
| Jiangsu Xinri E |
| Anshan Senyuan Road |
Jiangsu Xinri and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Anshan Senyuan
The main advantage of trading using opposite Jiangsu Xinri and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| Jiangsu Xinri vs. Longxing Chemical Stock | Jiangsu Xinri vs. Jinsanjiang Silicon Material | Jiangsu Xinri vs. Miracll Chemicals Co | Jiangsu Xinri vs. Digiwin Software Co |
| Anshan Senyuan vs. Jiangsu Xinri E Vehicle | Anshan Senyuan vs. Yonyou Auto Information | Anshan Senyuan vs. Northking Information Technology | Anshan Senyuan vs. Nsfocus Information Technology |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |