Correlation Between Jiangsu Xinri and Mango Excellent
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Mango Excellent Media, you can compare the effects of market volatilities on Jiangsu Xinri and Mango Excellent 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 Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Mango Excellent.
Diversification Opportunities for Jiangsu Xinri and Mango Excellent
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Mango is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media 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 Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Mango Excellent go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Mango Excellent
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to generate 1.06 times more return on investment than Mango Excellent. However, Jiangsu Xinri is 1.06 times more volatile than Mango Excellent Media. It trades about 0.06 of its potential returns per unit of risk. Mango Excellent Media is currently generating about 0.04 per unit of risk. If you would invest 746.00 in Jiangsu Xinri E Vehicle on November 3, 2024 and sell it today you would earn a total of 271.00 from holding Jiangsu Xinri E Vehicle or generate 36.33% 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. Mango Excellent Media
Performance |
| Timeline |
| Jiangsu Xinri E |
| Mango Excellent Media |
Jiangsu Xinri and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Mango Excellent
The main advantage of trading using opposite Jiangsu Xinri and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Jiangsu Xinri vs. Holitech Technology Co | Jiangsu Xinri vs. Jinyu Bio Technology Co | Jiangsu Xinri vs. Guangzhou KingTeller Technology | Jiangsu Xinri vs. 360 Security Technology |
| Mango Excellent vs. Healthcare Co | Mango Excellent vs. Ningbo Ligong Online | Mango Excellent vs. Hangzhou Minsheng Healthcare | Mango Excellent vs. Mingchen Health 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |