Correlation Between Suzhou Xingye and Jingjin Environmental
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Xingye Material and Jingjin Environmental Protection, you can compare the effects of market volatilities on Suzhou Xingye and Jingjin Environmental 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 Jingjin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and Jingjin Environmental.
Diversification Opportunities for Suzhou Xingye and Jingjin Environmental
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Suzhou and Jingjin is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material and Jingjin Environmental Protecti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jingjin Environmental 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 Jingjin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jingjin Environmental has no effect on the direction of Suzhou Xingye i.e., Suzhou Xingye and Jingjin Environmental go up and down completely randomly.
Pair Corralation between Suzhou Xingye and Jingjin Environmental
Assuming the 90 days trading horizon Suzhou Xingye Material is expected to generate 2.11 times more return on investment than Jingjin Environmental. However, Suzhou Xingye is 2.11 times more volatile than Jingjin Environmental Protection. It trades about 0.0 of its potential returns per unit of risk. Jingjin Environmental Protection is currently generating about -0.16 per unit of risk. If you would invest 913.00 in Suzhou Xingye Material on October 20, 2024 and sell it today you would lose (11.00) from holding Suzhou Xingye Material or give up 1.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Suzhou Xingye Material vs. Jingjin Environmental Protecti
Performance |
| Timeline |
| Suzhou Xingye Material |
| Jingjin Environmental |
Suzhou Xingye and Jingjin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Xingye and Jingjin Environmental
The main advantage of trading using opposite Suzhou Xingye and Jingjin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye position performs unexpectedly, Jingjin Environmental 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 Jingjin Environmental will offset losses from the drop in Jingjin Environmental's long position.| Suzhou Xingye vs. Hongrun Construction Group | Suzhou Xingye vs. Hubei Geoway Investment | Suzhou Xingye vs. Kunwu Jiuding Investment | Suzhou Xingye vs. Qijing Machinery |
| Jingjin Environmental vs. Glodon Software Co | Jingjin Environmental vs. Shanghai Shuixing Home | Jingjin Environmental vs. Fujian Boss Software | Jingjin Environmental vs. Oppein Home Group |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Stocks Directory Find actively traded stocks across global markets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |