Correlation Between Olympic Circuit and Jiangyin Haida
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By analyzing existing cross correlation between Olympic Circuit Technology and Jiangyin Haida Rubber, you can compare the effects of market volatilities on Olympic Circuit and Jiangyin Haida 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 Jiangyin Haida. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Circuit and Jiangyin Haida.
Diversification Opportunities for Olympic Circuit and Jiangyin Haida
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Olympic and Jiangyin is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Circuit Technology and Jiangyin Haida Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangyin Haida Rubber 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 Jiangyin Haida. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangyin Haida Rubber has no effect on the direction of Olympic Circuit i.e., Olympic Circuit and Jiangyin Haida go up and down completely randomly.
Pair Corralation between Olympic Circuit and Jiangyin Haida
Assuming the 90 days trading horizon Olympic Circuit Technology is expected to generate 1.85 times more return on investment than Jiangyin Haida. However, Olympic Circuit is 1.85 times more volatile than Jiangyin Haida Rubber. It trades about 0.07 of its potential returns per unit of risk. Jiangyin Haida Rubber is currently generating about -0.14 per unit of risk. If you would invest 3,109 in Olympic Circuit Technology on October 30, 2024 and sell it today you would earn a total of 120.00 from holding Olympic Circuit Technology or generate 3.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Olympic Circuit Technology vs. Jiangyin Haida Rubber
Performance |
| Timeline |
| Olympic Circuit Tech |
| Jiangyin Haida Rubber |
Olympic Circuit and Jiangyin Haida Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Circuit and Jiangyin Haida
The main advantage of trading using opposite Olympic Circuit and Jiangyin Haida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Circuit position performs unexpectedly, Jiangyin Haida 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 Jiangyin Haida will offset losses from the drop in Jiangyin Haida's long position.| Olympic Circuit vs. Beijing Bewinner Communications | Olympic Circuit vs. Thunder Software Technology | Olympic Circuit vs. TianJin 712 Communication | Olympic Circuit vs. Wuhan Yangtze Communication |
| Jiangyin Haida vs. Zijin Mining Group | Jiangyin Haida vs. Wanhua Chemical Group | Jiangyin Haida vs. Baoshan Iron Steel | Jiangyin Haida vs. Shandong Gold Mining |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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