Correlation Between Suzhou Xingye and Jiangnan Mould
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Xingye Material and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Suzhou Xingye and Jiangnan Mould 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 Suzhou Xingye with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and Jiangnan Mould.
Diversification Opportunities for Suzhou Xingye and Jiangnan Mould
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Suzhou and Jiangnan is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Suzhou Xingye 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 Suzhou Xingye Material are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Suzhou Xingye i.e., Suzhou Xingye and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Suzhou Xingye and Jiangnan Mould
Assuming the 90 days trading horizon Suzhou Xingye Material is expected to under-perform the Jiangnan Mould. In addition to that, Suzhou Xingye is 1.0 times more volatile than Jiangnan Mould Plastic. It trades about -0.01 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.03 per unit of volatility. If you would invest 511.00 in Jiangnan Mould Plastic on October 16, 2024 and sell it today you would earn a total of 152.00 from holding Jiangnan Mould Plastic or generate 29.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Xingye Material vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Suzhou Xingye Material |
| Jiangnan Mould Plastic |
Suzhou Xingye and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Xingye and Jiangnan Mould
The main advantage of trading using opposite Suzhou Xingye and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Suzhou Xingye vs. Inspur Software Co | Suzhou Xingye vs. Shandong Hi Speed RoadBridge | Suzhou Xingye vs. Shaanxi Broadcast TV | Suzhou Xingye vs. Hangzhou Pinming Software |
| Jiangnan Mould vs. Tianjin Ruixin Technology | Jiangnan Mould vs. 360 Security Technology | Jiangnan Mould vs. Eyebright Medical Technology | Jiangnan Mould vs. China Eastern Airlines |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |