Correlation Between Jiangsu Xinri and GRIPM Advanced
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and GRIPM Advanced Materials, you can compare the effects of market volatilities on Jiangsu Xinri and GRIPM Advanced 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 GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and GRIPM Advanced.
Diversification Opportunities for Jiangsu Xinri and GRIPM Advanced
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and GRIPM is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials 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 GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and GRIPM Advanced
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the GRIPM Advanced. In addition to that, Jiangsu Xinri is 1.04 times more volatile than GRIPM Advanced Materials. It trades about -0.43 of its total potential returns per unit of risk. GRIPM Advanced Materials is currently generating about -0.07 per unit of volatility. If you would invest 3,350 in GRIPM Advanced Materials on October 14, 2024 and sell it today you would lose (135.00) from holding GRIPM Advanced Materials or give up 4.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. GRIPM Advanced Materials
Performance |
| Timeline |
| Jiangsu Xinri E |
| GRIPM Advanced Materials |
Jiangsu Xinri and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and GRIPM Advanced
The main advantage of trading using opposite Jiangsu Xinri and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Jiangsu Xinri vs. Guangzhou Seagull Kitchen | Jiangsu Xinri vs. Jiajia Food Group | Jiangsu Xinri vs. Shanghai Ziyan Foods | Jiangsu Xinri vs. Jiangsu Jinling Sports |
| GRIPM Advanced vs. Shandong Polymer Biochemicals | GRIPM Advanced vs. Jiangsu Xinri E Vehicle | GRIPM Advanced vs. Iat Automobile Technology | GRIPM Advanced vs. Ningbo Fangzheng Automobile |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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