Correlation Between Eastroc Beverage and Jinsanjiang Silicon
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By analyzing existing cross correlation between Eastroc Beverage Group and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Eastroc Beverage and Jinsanjiang Silicon 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 Eastroc Beverage with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Jinsanjiang Silicon.
Diversification Opportunities for Eastroc Beverage and Jinsanjiang Silicon
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eastroc and Jinsanjiang is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Jinsanjiang Silicon
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.52 times more return on investment than Jinsanjiang Silicon. However, Eastroc Beverage Group is 1.93 times less risky than Jinsanjiang Silicon. It trades about 0.11 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.05 per unit of risk. If you would invest 18,132 in Eastroc Beverage Group on October 18, 2024 and sell it today you would earn a total of 5,471 from holding Eastroc Beverage Group or generate 30.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Eastroc Beverage |
| Jinsanjiang Silicon |
Eastroc Beverage and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Jinsanjiang Silicon
The main advantage of trading using opposite Eastroc Beverage and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Eastroc Beverage vs. Harbin Hatou Investment | Eastroc Beverage vs. Chongqing Brewery Co | Eastroc Beverage vs. Easyhome New Retail | Eastroc Beverage vs. Shanghai Yaoji Playing |
| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK Industrial |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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