Correlation Between Tianjin Silvery and JCET Group
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By analyzing existing cross correlation between Tianjin Silvery Dragon and JCET Group Co, you can compare the effects of market volatilities on Tianjin Silvery and JCET Group 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 Tianjin Silvery with a short position of JCET Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Silvery and JCET Group.
Diversification Opportunities for Tianjin Silvery and JCET Group
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tianjin and JCET is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Silvery Dragon and JCET Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCET Group and Tianjin Silvery 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 Tianjin Silvery Dragon are associated (or correlated) with JCET Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCET Group has no effect on the direction of Tianjin Silvery i.e., Tianjin Silvery and JCET Group go up and down completely randomly.
Pair Corralation between Tianjin Silvery and JCET Group
Assuming the 90 days trading horizon Tianjin Silvery Dragon is expected to under-perform the JCET Group. In addition to that, Tianjin Silvery is 1.01 times more volatile than JCET Group Co. It trades about -0.16 of its total potential returns per unit of risk. JCET Group Co is currently generating about 0.1 per unit of volatility. If you would invest 3,784 in JCET Group Co on October 15, 2024 and sell it today you would earn a total of 224.00 from holding JCET Group Co or generate 5.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Silvery Dragon vs. JCET Group Co
Performance |
| Timeline |
| Tianjin Silvery Dragon |
| JCET Group |
Tianjin Silvery and JCET Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Silvery and JCET Group
The main advantage of trading using opposite Tianjin Silvery and JCET Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Silvery position performs unexpectedly, JCET Group 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 JCET Group will offset losses from the drop in JCET Group's long position.| Tianjin Silvery vs. Cultural Investment Holdings | Tianjin Silvery vs. Spring Airlines Co | Tianjin Silvery vs. Nanxing Furniture Machinery | Tianjin Silvery vs. Shanghai Shuixing Home |
| JCET Group vs. Xiangyang Automobile Bearing | JCET Group vs. XinJiang GuoTong Pipeline | JCET Group vs. Fujian Wanchen Biotechnology | JCET Group vs. Wuhan Yangtze Communication |
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 Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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