Correlation Between Olympic Circuit and Jiangxi Ganfeng
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By analyzing existing cross correlation between Olympic Circuit Technology and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on Olympic Circuit and Jiangxi Ganfeng 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 Olympic Circuit with a short position of Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Circuit and Jiangxi Ganfeng.
Diversification Opportunities for Olympic Circuit and Jiangxi Ganfeng
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Olympic and Jiangxi is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Circuit Technology and Jiangxi Ganfeng Lithium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Ganfeng Lithium and Olympic Circuit 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 Olympic Circuit Technology are associated (or correlated) with Jiangxi Ganfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Ganfeng Lithium has no effect on the direction of Olympic Circuit i.e., Olympic Circuit and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between Olympic Circuit and Jiangxi Ganfeng
Assuming the 90 days trading horizon Olympic Circuit is expected to generate 1.19 times less return on investment than Jiangxi Ganfeng. In addition to that, Olympic Circuit is 1.05 times more volatile than Jiangxi Ganfeng Lithium. It trades about 0.15 of its total potential returns per unit of risk. Jiangxi Ganfeng Lithium is currently generating about 0.19 per unit of volatility. If you would invest 3,461 in Jiangxi Ganfeng Lithium on September 5, 2024 and sell it today you would earn a total of 680.00 from holding Jiangxi Ganfeng Lithium or generate 19.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Olympic Circuit Technology vs. Jiangxi Ganfeng Lithium
Performance |
| Timeline |
| Olympic Circuit Tech |
| Jiangxi Ganfeng Lithium |
Olympic Circuit and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Circuit and Jiangxi Ganfeng
The main advantage of trading using opposite Olympic Circuit and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Circuit position performs unexpectedly, Jiangxi Ganfeng 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 Jiangxi Ganfeng will offset losses from the drop in Jiangxi Ganfeng's long position.| Olympic Circuit vs. Gansu Yasheng Industrial | Olympic Circuit vs. Guangdong Liantai Environmental | Olympic Circuit vs. City Development Environment | Olympic Circuit vs. Shenzhen MYS Environmental |
| Jiangxi Ganfeng vs. Suzhou Weizhixiang Food | Jiangxi Ganfeng vs. Olympic Circuit Technology | Jiangxi Ganfeng vs. Tianshui Huatian Technology | Jiangxi Ganfeng vs. Kangping Technology 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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