Correlation Between Jiangsu Xinri and Jiangsu Broadcasting
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Jiangsu Xinri and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Jiangsu Broadcasting.
Diversification Opportunities for Jiangsu Xinri and Jiangsu Broadcasting
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Jiangsu is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Jiangsu Broadcasting
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to generate 0.91 times more return on investment than Jiangsu Broadcasting. However, Jiangsu Xinri E Vehicle is 1.1 times less risky than Jiangsu Broadcasting. It trades about -0.08 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.1 per unit of risk. If you would invest 1,105 in Jiangsu Xinri E Vehicle on October 30, 2024 and sell it today you would lose (88.00) from holding Jiangsu Xinri E Vehicle or give up 7.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Jiangsu Xinri E |
| Jiangsu Broadcasting |
Jiangsu Xinri and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Jiangsu Broadcasting
The main advantage of trading using opposite Jiangsu Xinri and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Jiangsu Xinri vs. Xiangyang Automobile Bearing | Jiangsu Xinri vs. Ningbo Fangzheng Automobile | Jiangsu Xinri vs. Guangzhou Seagull Kitchen | Jiangsu Xinri vs. Guangzhou Automobile Group |
| Jiangsu Broadcasting vs. Easyhome New Retail | Jiangsu Broadcasting vs. Shenzhen Urban Transport | Jiangsu Broadcasting vs. Hangzhou Pinming Software | Jiangsu Broadcasting vs. Zhangjiagang Freetrade Science |
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.
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