Correlation Between Jiangsu Xinri and China Construction
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and China Construction Bank, you can compare the effects of market volatilities on Jiangsu Xinri and China Construction 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 China Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and China Construction.
Diversification Opportunities for Jiangsu Xinri and China Construction
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and China is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and China Construction Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Construction Bank 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 China Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Construction Bank has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and China Construction go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and China Construction
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the China Construction. In addition to that, Jiangsu Xinri is 2.02 times more volatile than China Construction Bank. It trades about -0.02 of its total potential returns per unit of risk. China Construction Bank is currently generating about 0.09 per unit of volatility. If you would invest 800.00 in China Construction Bank on October 17, 2024 and sell it today you would earn a total of 32.00 from holding China Construction Bank or generate 4.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. China Construction Bank
Performance |
| Timeline |
| Jiangsu Xinri E |
| China Construction Bank |
Jiangsu Xinri and China Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and China Construction
The main advantage of trading using opposite Jiangsu Xinri and China Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, China Construction 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 China Construction will offset losses from the drop in China Construction's long position.| Jiangsu Xinri vs. Jinlong Machinery Electronic | Jiangsu Xinri vs. Gem Year Industrial Co | Jiangsu Xinri vs. Semiconductor Manufacturing Electronics | Jiangsu Xinri vs. Dongguan Tarry Electronics |
| China Construction vs. Jiangsu Xinri E Vehicle | China Construction vs. Iat Automobile Technology | China Construction vs. CIMC Vehicles Co | China Construction vs. Innovative Medical Management |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |